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Thanks for your insight! So basically, the individual investor is screwed because they can’t figure out institutional orders, but market makers can that allows

• ethbr0 6y ago
  I believe JC was saying that individual investors make bad choices, on the whole. Institutional less so. Consequently, as a market maker who wants to limit their risk if a trade goes sideways, optimal hedging for each looks different. (Part of this is probably related to the distribution of orders. I've heard large enough individual flow tends to mostly self-average.)