https://www.bis.org/publ/cgfs52.pdf
Market-making and
proprietary trading:
industry trends, drivers
and policy implications
https://www.nyse.com/publicdocs/nyse/NYSE_Paper_on_Market_Making_Sept_2021.pdf
In this article, we define market makers, and discuss their role in the financial markets, with a particular
focus on the U.S. cash equity market. We review their recent evolution, where they function, and
compare various market making obligations. We highlight the value of the NYSE Designated Market
Maker (DMM) model as compared with other U.S. equity market making models.