The existence of a secondary market spreads risk further.

二级市场的存在可以更进一步的分散风险。

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Market spreads taking account of credit and liquidity risk had arguably become too compressed pre-August 2007, and are now wider than they should be long-term.

计算了信贷风险和流动性风险的市场差价在2007年8月份之前被过分压缩了，尽管这个观点尚有争议。而现在的市场差价却高于合理的长期水平。

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The historically tight borrowing spreads on emerging market debt have widened somewhat, but modestly in comparison to most every other credit product.

历史上偏紧的新兴市场债务借贷利差有所扩大，但与大多数其他信贷产品相比幅度不大。

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These traders hope to get rich by shaving small slices off market maker spreads in o- t-c stocks like Dell, Intel and Microsoft.

FORBES: Guerrillas on Wall Street

The third channel through which the emerging-market disease spreads is the reduction in investors' appetite for risk following the crises in Asia and Russia.

ECONOMIST: Emerging-market measles

Its widening to record levels in August was partly a reflection of early millennium effects and, since the Fed's easing of rules in the repo market, spreads have duly narrowed again.

ECONOMIST: Nothing to fear but fear itself