OGI Market Illiquidity Level (MIL) is the barometer of liquidity conditions for an equities market. It is the first available index which measures the illiquidity level aggregated for an entire market. The MIL is based on an initial value of 100 registered on Jan 8, 1993. An increase in this level indicates deteriorating liquidity conditions. MIL has been found to be a leading indicator of future asset prices. When MIL decreases (i.e., liquidity conditions improve), illiquid securities can be expected to outperform liquid securities. When MIL increases (i.e. liquidity conditions deteriorate), illiquid securities can be expected to underperform liquid securities.