#交易流动性 trading liquidity refers to the ability of assets to be traded quickly at reasonable prices, which is the lifeline of the market. Markets with high liquidity (such as forex and large-cap stocks) have small bid-ask spreads and quick transactions, which can reduce trading costs and minimize price fluctuations; markets with low liquidity (such as ST stocks and niche currency pairs) are prone to slippage or inability to execute trades, especially during significant market events when risks are heightened. Liquidity is influenced by supply and demand, participant structure, and trading mechanisms. For example, the forex market relies on liquidity providers such as banks, while stock market liquidity is closely related to market capitalization and turnover rate. Large funds prefer high liquidity assets to avoid systemic risks, and liquidity stratification (such as the tiered pricing of market makers) also explains the transaction limitations during extreme market conditions.