Great, it’s time for the annual play-off for market maker licenses. The auction for primary market maker (pmm) licenses was held two months ago. The contestants had a month for learning the tricks of the trade. From December 1st they will start for real. Tight markets in scores of option classes. The market maker withRead more
I confess, in the light of the current market crisis and US downgrade this isn’t the most spectacular news. Market makers have been competing for the primary market maker (pmm) licenses in a few stocks. This head to head competition is always interesting, as the market maker with the best quoting performance is selected. ButRead more
The liquidity provider roles have been auctioned again (pdf). Traders can sign on for competitive market maker (cmm, quoting some options most of the time) or more ambitious for primary market maker (pmm, quoting all options all of the time). It’s hard to judge whether or not quoting options gives a comparative advantage to otherRead more
There has been a traditional bit of competition between derivative markets Eurex and Euronext. Mostly for the sake of tradition and maybe a little bit for the European Union (look mother, we’re playing competitors). Loaded with employees, slow to adapt and absolutely unfit to combat lean and mean contenders, the exchanges look more like aRead more
Last week there were a lot of happy folks around in the Mittal crowd, largely thanks to an anonymous big spender who apparently didn’t read the manual (or the wrong one). Some fingers point at Timber Hill or Sig, but we will never discover where to send the flowers. Anyway, the Aperam spin-off has been trading forRead more
