How do market makers make money?

Discussion in 'Trading' started by Jayan16118, Apr 19, 2019.

  1. Robert Morse

    Robert Morse Sponsor

    I do not know how to answer that. You need technology in place for both. You need order flow for both.
     
    #21     Apr 19, 2019
    murray t turtle likes this.
  2. qlai

    qlai

    I don't either, but would it be fair to say that the less liquidity the more challenging it is?
     
    #22     Apr 19, 2019
    murray t turtle likes this.
  3. Robert Morse

    Robert Morse Sponsor

    No, the less order flow, the more challenging. Making money as a MM in any asset class requires transactions. If your strategy and risk management is sound, the more trades you do the more money you make. That simple.
     
    #23     Apr 19, 2019
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  4. wildchild

    wildchild

    The majority of the times a stock is not crashing or spiking. So this is not a valid argument. Also there is no guarantee that they will make money. There are no hand-outs and everyone assumes some risk.

    Third keep in mind, that regardless the direction or volatility in the market, there are buyers or sellers. Even as a security tanks, if there is volume on the security, then there are people buying.
     
    #24     Apr 19, 2019
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  5. Robert Morse

    Robert Morse Sponsor

    Flash crashes have shown us just how few limit orders there are without market makers outside a narrow band.
     
    #25     Apr 19, 2019
    murray t turtle, Nobert and zdreg like this.
  6. volpri

    volpri

    Yeah but they all stop crashing and start recovering sometimes immediately in the same session. Ever wonder why?
     
    #26     Apr 19, 2019
  7. ironchef

    ironchef

    You sir must be as old as I am. I have not heard his name mentioned for a long time.
     
    #27     Apr 19, 2019
  8. zdreg

    zdreg

    maybe we are both well read,
     
    #28     Apr 19, 2019
    ironchef likes this.
  9. 2rosy

    2rosy

    check revenues of susq vs virtu. either way it's all software now
     
    #29     Apr 19, 2019
    murray t turtle likes this.
  10. sle

    sle

    Most of the market making occurs within a single asset and is based on the state of the various order books across multiple exchanges. Conceptually, it is fairly simple - you show bids and offers, trying to retain priority as much as you can and hoping to have trades bounce between bid and ask.

    Your worst fear is negative selection so you end up doing two things - skewing your markets based on various alpha signals and having an adversity model that would cause you to pull these orders. That could be either based on the information specific to this particular stock or based on the broad market. For example, as an MM you probably have an MW feed from up north and can react quickly to moves in ES, but it's not likely you trade the ES unless really forced to.
     
    #30     Apr 19, 2019
    murray t turtle likes this.