The firm's liquidity & capacity desk. The Risk Monitor polices exposure; this screen answers the other question — if the book had to be exited, how long would it take, and which positions are trapped? Every firm-book position is measured in days-to-liquidate at a 20% participation cap, bucketed into liquidity tiers, and rolled into a 0–100 firm liquidity score. The illiquid tail is the part of the book that cannot be cut quickly in a drawdown.