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Billy,
Is it the case - now that market-making has now effectively been taking off the "floor" and dispersed widely - it's difficult to truly know how MM is done today? I realize that if your pivot system works, it effectively means you DO know how MMs work, but it's interesting (at least to me) that's it's a guess and not a for sure. Or is something else coming into play that makes confirming how MM works difficult?
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