Kostas Iordanidis explains the role of liquidity in high-frequency trading, portfolio management, and distressed securities, and the process of both valuing and leveraging illiquid securities. He also discusses how to monitor balance sheet effects (matching assets and liabilities) and how to use fair value accounting, particularly when no market exists.

Please note that text may be difficult to read in this recording. The presentation slides are available for download in the video player.