The following quote is from chapter 2, “Market Liquidity—Resilient or Fleeting,” from the International Monetary Fund’s Global Finance Stability Report, published in October 2015:

As banks have been changing their business models and shrinking their inventories, market-making services seem to have become concentrated in fewer clients. In addition, regulations requiring banks to increase capital buffers and restrictions on proprietary trading may have led them to retrench from trading and market-making activities.

The introduction of electronic trading platforms and the growing use of automated calculations for computerized trades may have made market liquidity less predictable. Explain why statements about the changing nature of the business have resulted in less predictable market liquidity for corporate bonds.