Everything you’ve wanted to know about Market Making … but never been able to ask!

from PIWORLD Investor Podcasts · host www.piworld.co.uk

This video can be seen at: https://www.piworld.co.uk/2020/05/15/everything-youve-wanted-to-know-about-market-making-but-never-been-able-to-ask/ piworld Thursday webinar 14.5.20, with Spencer Crooks, ex Director of Market Making at Winterflood Securities. Tamzin opens with some questions, but this was the opportunity for listeners to ask their questions. Spencer’s background - 00:50 What do Market Makers do? - 01:43 What’s the business model? - 02:44 Why would a Market Maker buy when everyone’s selling? - 03:57 What happens when a Market Maker gets it wrong? - 05:06 Does the risk level ever get too high for the Market Maker? – 06:30 How is the spread determined? - 07:44 How is the market size set? - 09:46 What’s a tree shake? - 12:26 What’s the motive for a Market Maker to elicit a tree shake? - 13:30 With a profit warning, what’s happening for a Market Maker - 14:46 What is happening for the Market Maker when Covid-19 hit? - 18:55 But volatility is good for Market Makers? - 21:30 From your days as a Market Maker how do you get the best deal today? - 23:38 How do different market makers agree on the price for the same stock? - 25:50 What’s the best time of day to trade? - 27:33 Tiny trades, who places these? - 29:13 Do Market Makers own any stock or do they just move it on? - 31:10 Any advice for buying larger positions in smaller stocks - 34:05 Would there be a better market without Market Makers? - 37:30 Do Market Makers hunt stop losses? - 41:30 Is it better to pay more for a full service broker? - 43:10 What is Spencer doing now? 47:50 What’s the future of the Market Maker? - 49:05 Is Level 2 worth it for retail investors? - 53:00 Do you miss the cut and trust of Market Making? - 53:55 About Spencer Crooks: Spencer joined Bisgood Bishop in 1985. After takeover of Bisgood Bishop, traded at County NatWest until 1988, before leaving to join Winterflood Securities. Became a director in August 1999. Appointed FSI 2006.

What this episode covers

This video can be seen at: https://www.piworld.co.uk/2020/05/15/everything-youve-wanted-to-know-about-market-making-but-never-been-able-to-ask/ piworld Thursday webinar 14.5.20, with Spencer Crooks, ex Director of Market Making at Winterflood Securities. Tamzin opens with some questions, but this was the opportunity for listeners to ask their questions. Spencer’s background - 00:50 What do Market Makers do? - 01:43 What’s the business model? - 02:44 Why would a Market Maker buy when everyone’s selling? - 03:57 What happens when a Market Maker gets it wrong? - 05:06 Does the risk level ever get too high for the Market Maker? – 06:30 How is the spread determined? - 07:44 How is the market size set? - 09:46 What’s a tree shake? - 12:26 What’s the motive for a Market Maker to elicit a tree shake? - 13:30 With a profit warning, what’s happening for a Market Maker - 14:46 What is happening for the Market Maker when Covid-19 hit? - 18:55 But volatility is good for Market Makers? - 21:30 From your days as a Market Maker how do you get the best deal today? - 23:38How do different market makers agree on the price for the same stock? - 25:50 What’s the best time of day to trade? - 27:33 Tiny trades, who places these? - 29:13 Do Market Makers own any stock or do they just move it on? - 31:10 Any advice for buying larger positions in smaller stocks - 34:05 Would there be a better market without Market Makers? - 37:30 Do Market Makers hunt stop losses? - 41:30 Is it better to pay more for a full service broker? - 43:10 What is Spencer doing now? 47:50 What’s the future of the Market Maker? - 49:05 Is Level 2 worth it for retail investors? - 53:00 Do you miss the cut and trust of Market Making? - 53:55 About Spencer Crooks: Spencer joined Bisgood Bishop in 1985. After takeover of Bisgood Bishop, traded at County NatWest until 1988, before leaving to join Winterflood Securities. Became a director in August 1999. Appointed FSI 2006.

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Everything you’ve wanted to know about Market Making … but never been able to ask!

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