The buyer observes uncertainty in the channel, and so does the seller. They are observing their share of index space. That should be correct, share of transaction space, noting the significant and rare events take more index space. The SNR values driven to maximize second derivative, the great combinatorics reduce market making error, if we use tanh solution.
Pit boss should be seeing spare index, each side has to independently cover the market maker cost. The spare index is like the pit boss catching things one trade before either buyer or seller.
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