Extended Viewer

László Arany

László Arany

Vice President, MSCI Research

Laszlo's research focuses on liquidity for regulatory, risk management and portfolio construction purposes, and on portfolio performance analytics. Laszlo holds a doctorate in Applied Mathematics from the University of Bristol and a master's degree in Mechanical Engineering from Budapest University of Technology and Economics.

Research and Insights

Articles by László Arany

    Comparing Apples to Apples in Bond-Fund Liquidity

    5 mins read Blog | Jan 24, 2023 | László Arany, Andras Szegleti

    The SEC has proposed changes to standards for classifying the liquidity of fixed-income instruments held by open-end funds. The new approach may not pick up differences between funds and may not signal worsening liquidity amid market stress, however.

    Market Crowding Contributed to UK Gilt Turmoil

    2 mins read Quick Take | Oct 27, 2022 | László Arany, Andy Sparks

    Analysis of the recent turmoil in the U.K. gilt market has primarily focused on the role of leverage and liquidity. However, investors also may want to consider the role played by bond-market crowding, and where similar conditions may exist. 

    Sanctions Bring a New Form of Russian-Bond CDS Risk

    5 mins read Blog | Apr 26, 2022 | Gabor Almasi, László Arany

    Sanctions on Russia have not affected credit-default swaps directly, but the settlement process following a default would rely on delivering and auctioning the sanctioned bonds. We examine this new form of recovery risk.

    Bond Liquidity: How Bad Was COVID?

    5 mins read Blog | Sep 16, 2020 | László Arany

    Was bond liquidity worse during the COVID-19 outbreak or the 2008 global financial crisis? We analyzed transaction costs from the forced selling of USD 10 million of U.S. corporate bonds, throughout the two crises.

    Should bank-loan investors worry about liquidity risk?

    Blog | Sep 24, 2019 | László Arany

    Have bank loans posed more liquidity risk than corporate bonds when the market was stressed? We compared various liquidity metrics for bank loans and high-yield bonds during the December 2018 high-yield sell-off to find the answer.