Quality assets that can't be traded at fair price.
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Different from insolvency: the institution has the assets, but the market is dislocated. Indicators: bid-ask spreads, repo rates, OIS spreads, FX swap basis, money-market dispersion. The 2008, 2020 (COVID dash for cash) and 2022 (UK gilts) crises were liquidity before solvency. olivLaw tracks bid-ask and volume on BVB + EUR money markets in Financial Hub.