The variability of return caused by the commissions and price concessions associated with selling an illiquid asset. It is also called liquidity risk. Marketability is made up of two components: (1) the volume of securities that can be bought or sold in a short period of time without adversely affecting the price, and (2) the amount of time necessary to complete the sale of a given number of securities. Other things being equal, the less marketability a security, the lower its price or the higher its yield.