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I had a $450 million trading ledger at Lehman Brothers, making markets for customers and taking some proprietary positions to help facilitate the making of markets.
BATS … Making Markets Better.
"We were no longer making markets.
But creating such conditions also means making markets work better.
Defining proprietary trading is extremely difficult because it's almost impossible to distinguish from making markets.
In reality, they often play a key role in making markets run smoothly.
And the line between making markets for clients and proprietary trading is fiendishly difficult to draw.
The problematic currency position illustrates that making markets for clients is not necessarily a neutral activity.
There are few good statistics on such basic things as inventories, making markets nervous about any change in direction.
Mr Blankfein believes his firm will be able to continue making markets, financing deals and co-investing with clients.
In the past, making markets was an important source of profits; now, asset management is often their bread-and-butter.
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