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Published in Automated Trader Magazine Issue 16 Q1 2010

As markets continue to fragment, and not only in Europe, the traditional specialist market maker, tied to one exchange, has ceased to be valuable. Such a player cannot ‘make’ a significant market. But a new breed of funds is stepping in to make markets across exchanges, regions and asset classes. Valerie Bannert-Thurner charts the rise of the new breed of market maker.

Valerie Bannert-Thurner

Valerie Bannert-Thurner

These days, markets aren't made in the old-fashioned way. Over the past five years, the competition for liquidity and the resulting fragmentation of markets has diminished the value of the traditional market maker, or specialist, who was tethered to a single exchange. Many such market makers have d

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