0 the continuous buying and selling of shares in particular companies at particular prices --
There often exists confusion between proprietary positions held by market-making desks (sometimes referred to as warehoused risk) and desks specifically assigned the task of proprietary trading.
The company, which leveraged technological innovations and quantitative models, was one of the world's premier market-making firms, trading on 28 exchanges in nine countries.
Broadly speaking market-making arbitrageurs can hold net long positions and as a result capital constraints are more likely to be hit during market downturns.
Experience in other countries suggests that some system of market-making is desirable in the public interest, and that such a system may need to be buttressed by restrictive agreements.
Those concerned do not wish to give up their market-making position.
If market-makers cannot operate with full disclosure of price and quantities, they ought not to be in the business of market-making.
It was thus practically inconceivable to advance market-making policies without the participation of industry actors.
Our expertise lies largely in market-making and arbitrage in equities and equity derivatives.