PWC has published an August 2015 study commissioned by The Global Financial Markets Association (GFMA) and the Institute for International Finance (IIF) intended to examine the post-crisis state of global financial market liquidity. Among its findings, the study concludes that current and future market liquidity is a subject of concern for market participants. It further recommends a review of the calibration of the reforms to date and the ongoing regulatory agenda, in order to properly understand and consider the effects of regulatory initiatives on market liquidity by asset class, and to consider whether upcoming regulatory initiatives could likely exacerbate the trends in liquidity.