friday sell off, page-47

moped, and the thing that I didn't mention, tho its basically covered under the role of the mm as the bank, is that the mm plays against their clients.. you'll notice that at turning points the mm weights the spread and often the discount/premium to reduce the profits of players in the pool who want to exit. If you've got a big enough position with them you can make them dance at some stages but they soon wise up to you and generate prices specially for you.. or limit the fills you can get at good prices.. etc.. basically most of cmc bucketshop clients are undercapitalised small players who only play with them because the bucketshops don't require the big margins of the direct market.. but the bucketshops then extract a huge price from their mostly captive players in the form of spreads for each trade (if you translate the spread into $), weighting (moving) the spread to maximise entry and exit costs, premiums/discounts to the underlying, stop running, and other nefarious and well documented schemes. If you do manage to become successful with them, then they put you in a different class with bigger hurdles to jump before you can take any more of their money. cheers!