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At the Speed of Light

Automated Market Makers Alter the Map

Traders Magazine, October 2008

Michael Scotti

Today the United States, tomorrow the world. That's the mantra guiding a group of high-velocity traders-a.k.a. automated market makers-who currently dominate U.S. equities and who are setting their sights on other asset classes and overseas markets. Right now, this largely unknown, media-shy group of broker-dealers and proprietary trading shops is involved in more than half the trading volume in U.S. equities, according to market participants. Their computer-generated quotes are at the inside market-national best bid, best offer-for every large- and mid-cap stock, sources say.

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