The Big Boys, page-302

To add to this thesis to the "new normal"...This is unlikely to change in the short term IMO. I've been banging on about liquidity issues over last few weeks. Caused by both new market regulations and a EM FX reserves being unloaded. Both are impacting on liquidity and therefore volatility, particularly to the downside. It's easier to sell than buy when the heat is on. Everyone on the same side of the trade and market makers hands tied and it's a recipe for violent downmoves.