Ahh, this is the comment that cleared it up for me. MM takes on risk, can offer tighter spread when not exploited (ex. HFT arbitrage) Could theoretically take

Ahh, this is the comment that cleared it up for me. MM takes on risk, can offer tighter spread when not exploited (ex. HFT arbitrage) Could theoretically take advantage by manipulating prices But is already operating within the bounds of the existing public spread