In fact, December 2012 was the 20th consecutive month that there were net outflows from stock funds.

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And so far, municipal bond funds have yet to lure back investors after sixteen relentless weeks of net outflows.

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Foreign investors have been long emerging market bonds all year, with not a single month registering net outflows in the big emerging markets of Brazil, Russia, India and China.

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Although the Bank believes net outflows should stop in the coming months, Nomura says they little reason for such optimism given the lingering uncertainty about future tax policies under a new government.

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Long-term mutual funds reported net outflows for 23 consecutive weeks from May to mid-October of this year, but those flows have finally reversed as investors position themselves for a second round of quantitative easing.

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Finland and Ireland have seen net outflows.

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In regards to leverage, Basel III introduced a minimum 3% leverage ratio and two required liquidity ratios: (1) the Liquidity Coverage Ratio, which requires a bank to hold high-quality liquid assets to cover its total net cash outflows over 30 days, and (2) the Net Stable Funding Ratio, which requires the available amount of stable funding to exceed the required amount of stable funding over a one-year period of extended stress.

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Third, net flows of capital have masked outflows.

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While physical demand was firm, exchange-traded funds saw hefty outflows and futures and option markets participants had low net-long positions on the Comex exchange.

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