The marked maker(s) can set the base for a price of an option by selecting an IV level. In illiquid markets, or way ITM / way OTM, where the supply and demand is low, in some cases only represented on one side by the marked maker, the marked maker has the power to control the price and the IV. I guess thatâs life in the free and open marked, but is there a body or organization that oversees that marked makers? â I guess in some cases (also based on the open interest) they can act like they find best without taking historic volatility or other strike prices into account. Just wondering?, does the marked maker have a set of rules and guide lines for setting price and IV for illiquid options?