While Mr Wilson said the European Central Bank's €60bn a month bond-buying progamme meant it was hard to judge how liquid the market was, he added: "We should expect some growth in volatility - but I do not view that as a negative. In fact, I would view this as getting back to a more normal world. Moving out of an environment where there is a huge amount of government and central bank policy designed to provide certainty and liquidity and to dampen volatility is a healthy sign, not an unhealthy one."