Formalising common approaches to trading - page 24
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Specifically interested in what rules they have to ensure liquidity
I think it's this
Don't you have one of these in Russian?)
Sorry, I'm with the "Pearl Buttons" myself, the document was linked to the site somewhere by SProgrammer, I downloaded the document, but I can't bring myself to read it in non-Russian.
As a matter of fact, here's what we're trying to discuss in Russian: http: //forum.alpari.ru/attachment.php?attachmentid=13773
Ahhhh, I remember how I read bourgeois, like this:
http://translate.google.ru/translate?hl=ru&sl=en&u=http://citeseerx.ist.psu.edu/viewdoc/download%3Fdoi%3D10.1.1.131.943%26rep%3Drep1%26type%3Dpdf&ei=GD0rTrGmHcbFtAahs9ToCw&sa=X&oi=translate&ct=result&resnum=1&ved=0CB4Q7gEwAA&prev=/search%3Fq%3DA%2BLearning%2BMarket-Maker%2Bin%2Bthe%2BGlosten-Milgrom%2B%2BModel%26hl%3Dru%26newwindow%3D1%26biw%3D1280%26bih%3D688%26prmd%3Divns
Не секрет, скорее белое пятно. Расскажите как специалист. Если они обеспечивают ликвидность за свой счет, то математически это должна быть работа (сужение спреда по сути искуственным путем) в убыток
Specifically interested in what rules they have to provide liquidity
You apply Odessa variant of "discussion" - question to question :)
Apparently you do not yet know who the NYSE specialist is (unfortunately I am not), then the "market makers theme of liquidity provision" which you mentioned is understandable.
Below is a quote from wikipedia:
In the United States, the New York Stock Exchange (NYSE) and American Stock Exchange (AMEX), among others, have Designated Market Makers, formerly known as "specialists", who act as the official market maker for a given security. The market makers provide a required amount of liquidity to the security's market, and take the other side of trades when there are short-term buy-and-sell-side imbalances in customer orders. This helps prevent excess volatility, and in return, the specialist is granted various informational and trading execution advantages
Ahhhh, I remember how I read bourgeois, like this:
http://translate.google.ru/translate?hl=ru&sl=en&u=http://citeseerx.ist.psu.edu/viewdoc/download%3Fdoi%3D10.1.1.131.943%26rep%3Drep1%26type%3Dpdf&ei=GD0rTrGmHcbFtAahs9ToCw&sa=X&oi=translate&ct=result&resnum=1&ved=0CB4Q7gEwAA&prev=/search%3Fq%3DA%2BLearning%2BMarket-Maker%2Bin%2Bthe%2BGlosten-Milgrom%2B%2BModel%26hl%3Dru%26newwindow%3D1%26biw%3D1280%26bih%3D688%26prmd%3Divns
Yeah, I can do that myself)
Mischek:
You are using the Odessa version of "discussion" - question to question :)
Apparently you do not yet know who the NYSE specialist is (unfortunately I am not), then the "liquidity market maker theme" you mentioned is understandable.
Below is a quote from wikipedia:
Got it, no offence meant to be taken by an expert. )
If you are knowledgeable and not lazy, tell us about MM's liquidity provision in your own words.
Mischek:
Below is a quote from wikipedia:
How a market maker makes money
A market maker seeks to make money by buying a stock at a lower price than the price at which they sell it, or selling the stock at a higher price than buying it back. // google translation
Got it, no offence meant. )
If you are knowledgeable and not lazy, tell us about MM's liquidity provision in your own words.