Dislocation of Overnight Rates...Meaning What?

Below chart shows overnight GCF Repo rate as a white line, overnight Libor rate as an orange line and a spread between two.

Repo requires collateral such as treasury bond for borrowing, unlike Libor. Meanwhile Libor market is for the inter-bank as its name. So, the spread between two had showed zero as a long-term average.
Recently, however, since mid of 2014, the spread started to widen to about 10 basis point.
Is this meanings what?

1) Decreasing dealing positions of investment banks by Dodd Frank to shrink demand of Libor
2) On a lender side, they become to need more collateral to lend capital. So, Repo market have developed more. And this maybe led the additional demand for treasury bonds as collateral.
3) In a longer-run and a widespread, whilst banks liquidity problem as a main reason for financial crisis seems not to have any problem, the bond market would be close to worry about that...