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Strategies & Market Trends : From the Trading Desk
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To: Dom B. who wrote (2009)12/14/1997 9:19:00 PM
From: David Smith  Read Replies (1) of 4969
 
Dom, MM's don't actually "do" anything for MSFT, INTC or any other stock from a marketmaking perspective. The essence of marketmaking is, literally, to make a market in a stock...this can be from a proprietary standpoint (to make money for one's firm by trading a stock in one's account for pure profit only), or to "work" the orders of the firm's customers. 90% of my job is the latter.

Volatility often decreases after a stock moves from the nasdaq to the nyse because an auction market is in many ways more "pure" than a dealer market...price is almost completely determined by supply and demand with listed stocks. In addition, listed stocks are not favored by day and short-term traders as much as are nasdaq stocks; one reason is that it is often easier to get immediate executions in nasdaq stocks through soes, instinet, ECN's, etc...listed executions CAN be slower.
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