When we market make we separate each client’s flow into tiers. U don’t want to get filled as much against informed counterparties, so u try to internalise the benign flow. Retail flow or corporate flow etc is a gold mine bc adv selection isn’t a problem, just free half spreads
2026-08-14 15:48:12
3
Mike :
True but not all. In CFDs the legal wrapper means broker is counterparty but internalisation varies from 0% (IBKR) to 100% (offshore high leverage brokers). Agree with the gist of what you’re saying tho.
2026-08-15 10:23:43
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aidhi🌙 :
so essentially all brokers? but how do we trade without brokers though?
2026-08-15 05:39:47
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︎ ︎ ︎ :
❤️❤️❤️
2026-08-16 12:36:28
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