Board of Executive Directors Vice-Chancellor Minister of Energy of the United Arab Emirates Chairman Managing Director Chief Executive Officer, Long Term Savings and Chairman President and Chief Executive Officer Academician and Professor, Department of Environmental Science and Engineering President

need modifying to take into account the effects of liquidity. That liquidity should be a concern for quantitative finance in general seems obvious; Long Term Capital Management (LTCM) was brought to earth largely through trading in products that became illiquid overnight, and illiquidity was a major factor