microstructure

Market Maker

A market maker is a firm or individual that quotes both bid and ask prices for a security and is prepared to transact with counterparties, thereby providing liquidity. They typically aim to profit from the bid-ask spread while managing inventory and risk.

Example: On an exchange, a market maker quotes a bid of 100.00 and an ask of 100.05 for a security and stands ready to transact with participants at those prices, helping to anchor the order book during the trading day.

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