Equities, you can view some on the Level 2 display, then add the NYSE specialist-if there is one-and all the automated HF firms on the street.

The days of regional broker firms making markets in listed Nasdaq stocks is behind us. Most of the liquidity comes from order routing by retail firms to the names that we call know, polite or not, it is just the facts of todays market. You can judge that, Ill pass.

The days of regional broker firms making markets in listed Nasdaq stocks is behind us. Most of the liquidity comes from order routing by retail firms to the names that we call know, polite or not, it is just the facts of todays market. You can judge that, Ill pass.

Market Maker has responsibility to offer liquidity when market changing fast, sometimes MM has to offer bid/ask against market trend. MM also has priority to close a deal at same price. I thought MM has signed contract with listed company. But according to your opinion, this kind of MMs have disappeared from market?

Market Maker has responsibility to offer liquidity when market changing fast, sometimes MM has to offer bid/ask against market trend. MM also has priority to close a deal at same price. I thought MM has signed contract with listed company. But according to your opinion, this kind of MMs have disappeared from market?

What you are talking about is the specialist system on the NYSE and AMEX. They are called designated marketmakers now. Its a few high-frequency firms that make all these markets now. Nasdaq MM have few requirements vs the NYSE.

Market Maker has responsibility to offer liquidity when market changing fast

HFT firms are not market makers, they are noise. They serve no useful purpose.

Go read up on NANEX if you want more detail.More…I think I have enough knowledge on this side of the buiness without reading that. Do you think that equity MM make markets by pointing and clicking or answering phones? Its all automated with PFOF.Last edited:Mar 6, 2017Robert MorseVP, Institutional Sales

You dont need to bend over and get screwed by the HFTs.

Go read up on NANEX if you want more detail.More…This is incredibly misguided. Its clear that there is confusion between toxic HFT activity like spoofing, and liquidity providing/arbitrage. The later provides a great service to market quality and price discovery.