Why Designate Market Makers

For example, a maximum spread rule of 20% constrains the quotes about 14% of the trading rounds when σρ = 0.2, but never constrains the quotes when σρ = 0.3, while a maximum spread rule of 10% constrains the quotes about 35% of the time when σρ = 0.2, but only binds about 33% of the time … ................
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