We are in the last days of summer and as we get ready to start another week, the intersection of law, politics, and market makers has produced a null set. Our focus is on market makers in the interbank market and as of this writing I have not seen any policy maker statements, legislation, or regulations that impact the market maker business model.
A market maker is a firm or individual who actively quotes two-sided markets in a particular security. providing bids and offers along with the market size of each.
Market makers tend to be large banks or other large financial institutions. On the bank side market makers would include JP Morgan Chase, Goldman Sachs, Morgan Stanley, State Street, Bank of New York Mellon and Wells Fargo.
As markets open in Asia, retail traders are likely experiencing the accumulation phase of forex trading as market makers collect orders. The two remaining phases (manipulation and expansion) will occur during the London and New York phases of the trading day.
Should that null set fill up, we will analyze the changes in the legal and political environment that may impact your trade.
11 September 2022
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