Market Consistency and WMC [4]

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Bullet points include: In e.g. Kemp (2009) the market consistent value of an asset or liability is defined as: Its market value, if it is readily traded on a market at the point in time that the valuation is struck; or A reasoned  best estimate of what its market value would have been had such a market then existed, in all other situations. Closely aligned with the concept of ‘fair value’ used in accountancy. I.e. price at which a trade in the asset or liability would take place between a willing buyer and willing seller

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