3.2.2 CDO products are almost no liquidity. CDO is a highly personalized products, they are designed specifically to meet the needs of an organization. CDO are merely designed to "buy and hold" type of investor, such as pension funds, insurance companies and other institutions, and these institutions is spotted the product's high-yield and high credit rating the characteristics of low liquidity means that, once these institutions when hot CDO of CDO holding too much, after the transfer will be very difficult, while the homogeneity of the market participants but also to further reduce the liquidity of CDO.