The Brexit market liquidity migraine - one-way traffic & illiquidity already evident

Here's a piece from Reuters on liquidity considerations as we head into June 23

•  ...  prices, especially exchange rates, suddenly taking off in one direction or the other ... Machine-led algorithms tend to jump on the bandwagon when they detect signs that assets might break out of ranges
• Post-2008 decline of proprietary dealing means there are fewer humans to stand in their way Banks have scaled back risk limits, partly due to post-crisis regulation
• Kill switches on banks' electronic trading platforms are triggered far more quickly when there's too much one-way traffic, which can lead to "air pockets", where prices lurch around a lot