Which of the following is NOT a liquidity requirement for investors?

Liquidity requirements for investors refer to the need for readily accessible funds to meet immediate financial obligations or unexpected circumstances. Emergency reserves are funds set aside to cover unforeseen expenses, which is a fundamental liquidity requirement. Ongoing expenses represent regular cash outflows that need to be managed, indicating the need for liquidity to cover these costs.

Negative liquidity events involve situations, such as market disruptions, where assets may not be liquidated easily without incurring significant losses, highlighting the importance of having enough liquidity to withstand such events.

Speculative trades, on the other hand, pertain to investment activities aiming for high returns based on market price fluctuations rather than fulfilling a liquidity requirement. Speculative trades do not constitute a need for immediate liquidity; instead, they are investment strategies that might involve higher risk and longer time horizons while not affecting immediate cash obligations.

Thus, the identification of speculative trades as not a liquidity requirement indicates a clear understanding of the broader context of liquidity management, focusing on the actual needs for accessibility to cash rather than investment strategies.