Having been closely involved in a venture that sought to launch a regulated secondary market for the trading of hedge fund interests via underlying and synthetic instruments, with related clearing and settlement, I found the findings fascinating. Most notable were the size of premiums/discounts operating, which re-enforced my beliefs that investors always prefer to have competitive liquidity venues and the price they pay/accept depends upon their circumstances regardless of underlying reported value, with immediacy of execution being a key determinant.
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