Market-Making and Proprietary Trading: Industry Trends, Drivers and Policy Implications

November 1, 2014

Market-makers serve a crucial role in financial markets by providing liquidity to
facilitate market efficiency and functioning. Post crisis, several developments
suggest that the behaviour of these liquidity providers may change. Such changes
and their potential impact on fixed income markets are of particular interest to
policymakers, given the relevance of these markets to monetary policy and financial

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