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Regulator

U.S. Securities and Exchange Commission

Federal regulator of U.S. securities markets, broker-dealers, exchanges and public-company disclosure.

www.sec.gov · Profile not yet independently verified

Kernwell research

Involving U.S. Securities and Exchange Commission

Market Structure2 min
How market makers provide liquidity
A market maker quotes both sides and takes inventory risk to earn the spread. Adverse selection, hedging and fragmentation explain why liquidity is never a fixed quantity — and what a widening spread is actually saying.
Kernwell Research Desk · 2026-09-17