Where is the Access Account Trading facility? (AC)

For someone to invest in a SM at a discount, someone else needs to sell at said discount. 
The way things are going, by the time the SM opens, there may be zero appetite for selling at any discount. Personally, when the SM was first introduced as an idea, I was thinking of buying at discount of 10% or more, and selling if the discount was less than 5%. Now that other assets have recovered, my potential bid/offer bands have moved up so I would consider buying even at 5% discount and probably not sell at all. 

Yes, I think the steam will soon go out of it. Being one of those with too much in the AAs, I will sell some at a modest discount - a few %, but not at a larger discount. The point is that if I know I can sell at a larger discount, then that solves my liquidity problem without actually having to do the selling until I need to. Others will be in a similar position. I will not be buying.

Why would anyone buy muddy water, even at a discount?

We cannot quantify the amount of muck, and the water is undrinkable.

Indeed, and this is the key to clearing the backlog. Some people will sell at whatever the new equilibrium is, others will choose not to sell and wait, being content knowing that they can sell if they want/have to. Then, after that new lower equilibrium is established any new net inflows will push the price back up until eventually it goes back to par. But you need the market to exist for this to happen, because until then no-one who wants to invest will do so at par when they know that soon they can buy at a discount instead. On the contrary the rational response is to place a redemption request so they can reinvest the proceeds at a discount in the SM.

Oh, for God’s sake!

Are AC on the secondary market?