Market making is a product, not a service

1  Outsourced by Default

Most houses treat liquidity as something that happens to a position, a service to be rented from a market maker and forgotten. We treat it as an instrument we operate.

2  Owned Infrastructure

Structuring liquidity is slow, unglamorous work. It is also where durable edge actually lives. We would rather own that discipline than outsource it and hope.

Placeholder content. Replace the body of content/research/03-market-making-product.mdx with the final draft.