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I think the reasoning behind MTM if I recall correctly is that syndicate groups and "big" players are the professional money, and the market-makers and specialists are able to see where these players are buying/selling from their books. Therefor, they are able to manipulate prices to facilitate their inventory requirements, and in the process turn a profit for themselves in their private accounts. It's been awhile since I read the book so I might be totally off here... it's an interesting concept anyway, but I still remain somewhat skeptical. |
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But is this not inconsistent with Sledge's interpretation that syndicate groups and "big" players are the herd?