Why the Grasshopper are the Market Makers' Free Lunch
When the world moved to electronic trading, there was much resistance. Mostly from the people who had their license to print money taken away. Market makers used to be the only ones allowed to deal in financial securities as part of a wider exchange in pits and open outcry. Prices were quoted in units of eighths or sixteenths, which meant the spread between bids and offers was wide so margins were huge. Clearly things had to change, and I reme