liquid funds "liquid funds" means the excess of total tangible assets over total liabilities, all assets being valued at a fair value but not in excess of the market value thereof, but shall not include the value of the following: (i) the recognition of a member company by a stock exchange; (ii) furniture, fixtures, real estate and other fixed assets; (iii) securities which have no ready market; (iv) unsecured loans or advances made to a member of a stock exchange or a director of a member company of a stock exchange; and (v) amounts owed by clients the recovery of which is considered doubtful; PU(A) 314/1987 - SECURITIES INDUSTRY REGULATIONS 1987 2. Definitions.