Having described the board characteristics of our market segmentation model, we can be a bit more helpful to investors and policymakers by suggesting some of the conditions precedent for a liquidity crisis. The important ones appear to be threefold. They are:investor homogeneity; an event which may change the view and behaviour of investors (possibly on account of them being under some flase impression); and leverage (at the security,but also wider asset class and economy levels). These three interlinked condition may be seen as blow-up indicators.