# Institutional Market Making ⎊ Term

**Published:** 2026-03-16
**Author:** Greeks.live
**Categories:** Term

---

![The image shows a close-up, macro view of an abstract, futuristic mechanism with smooth, curved surfaces. The components include a central blue piece and rotating green elements, all enclosed within a dark navy-blue frame, suggesting fluid movement](https://term.greeks.live/wp-content/uploads/2025/12/decentralized-exchange-automated-market-maker-mechanism-price-discovery-and-volatility-hedging-collateralization.webp)

![An abstract digital rendering features a sharp, multifaceted blue object at its center, surrounded by an arrangement of rounded geometric forms including toruses and oblong shapes in white, green, and dark blue, set against a dark background. The composition creates a sense of dynamic contrast between sharp, angular elements and soft, flowing curves](https://term.greeks.live/wp-content/uploads/2025/12/visualizing-complex-structured-products-in-decentralized-finance-ecosystems-and-their-interaction-with-market-volatility.webp)

## Essence

**Institutional Market Making** functions as the structural bedrock for liquidity provision within decentralized derivative venues. These specialized entities deploy algorithmic frameworks to bridge the gap between fragmented on-chain order books and the rigorous execution requirements of capital-heavy participants. By continuously quoting two-sided markets, they absorb toxic flow and mitigate slippage, transforming chaotic, thin order books into stable, tradable environments. 

> Institutional market making serves as the primary mechanism for narrowing bid-ask spreads and ensuring continuous liquidity for complex derivative instruments.

The core utility lies in managing the inventory risk inherent to high-frequency, non-directional trading. These participants operate at the intersection of technological speed and financial engineering, ensuring that price discovery remains efficient despite the inherent latency of decentralized settlement layers. Their presence signals a maturing market where risk transfer becomes predictable and accessible to professional allocators.

![A high-resolution, close-up image displays a cutaway view of a complex mechanical mechanism. The design features golden gears and shafts housed within a dark blue casing, illuminated by a teal inner framework](https://term.greeks.live/wp-content/uploads/2025/12/algorithmic-execution-infrastructure-for-decentralized-finance-derivative-clearing-mechanisms-and-risk-modeling.webp)

## Origin

The genesis of **Institutional Market Making** within decentralized finance tracks the transition from primitive, automated constant product models to sophisticated, off-chain computation coupled with on-chain settlement.

Early decentralized exchanges relied upon static liquidity pools, which failed to accommodate the precise hedging needs of professional traders. The necessity for competitive pricing and reduced execution friction catalyzed the development of off-chain order matching engines that anchor into smart contracts.

- **Liquidity Fragmentation** forced the migration of order flow management toward specialized, high-performance agents.

- **Latency Arbitrage** became a driving force, necessitating the design of faster, more efficient matching architectures.

- **Professional Capital Influx** demanded reliable, low-slippage execution venues capable of handling substantial trade sizes.

This evolution mirrors the historical progression of traditional electronic trading, where human floor brokers gave way to algorithmic market makers. The digital asset landscape simply compressed decades of traditional market development into a condensed, high-stakes environment where code performance dictates capital retention.

![The image displays a close-up of dark blue, light blue, and green cylindrical components arranged around a central axis. This abstract mechanical structure features concentric rings and flanged ends, suggesting a detailed engineering design](https://term.greeks.live/wp-content/uploads/2025/12/layered-architecture-of-decentralized-protocols-optimistic-rollup-mechanisms-and-staking-interplay.webp)

## Theory

The mechanics of **Institutional Market Making** rely on the precise calibration of **Greeks**, specifically delta and gamma, to maintain a neutral position while capturing the bid-ask spread. Quantitative models must account for the unique volatility regimes of digital assets, where tail risk manifests with greater frequency than in legacy equity markets.

The firm manages its exposure by dynamically hedging its directional risk, effectively selling volatility to participants seeking protection or speculative leverage.

| Parameter | Institutional Market Maker Role |
| --- | --- |
| Inventory Risk | Managing net directional exposure via continuous delta hedging |
| Execution Latency | Optimizing off-chain matching to minimize front-running risks |
| Volatility Skew | Pricing asymmetric risk profiles based on market demand |

The mathematical rigor applied to pricing these derivatives is absolute. If the model fails to capture the stochastic nature of the underlying asset price, the market maker faces immediate insolvency through liquidation cascades. This is the brutal reality of decentralized finance; code vulnerabilities or mispriced models result in irreversible loss, as there is no central clearinghouse to pause trading or intervene during periods of extreme stress. 

> Successful market making requires the rigorous application of mathematical modeling to hedge directional risk while capturing consistent spreads.

Market microstructure dictates that the most successful participants are those who treat the order book as a dynamic, adversarial game. The interaction between liquidity providers and takers creates a constant feedback loop, where information asymmetry is the primary variable influencing profit and loss.

![This abstract visualization depicts the intricate flow of assets within a complex financial derivatives ecosystem. The different colored tubes represent distinct financial instruments and collateral streams, navigating a structural framework that symbolizes a decentralized exchange or market infrastructure](https://term.greeks.live/wp-content/uploads/2025/12/algorithmic-collateralization-visualization-of-cross-chain-derivatives-in-decentralized-finance-infrastructure.webp)

## Approach

Current operations emphasize the integration of **Smart Contract Security** and high-frequency execution architecture. Institutional participants now favor hybrid models, combining the transparency of on-chain settlement with the performance of centralized, high-throughput matching engines.

This allows for rapid adjustment of quotes based on real-time global market data, ensuring that decentralized venues remain competitive with legacy counterparts.

- **Cross-Venue Arbitrage** allows firms to maintain price parity across disparate liquidity pools.

- **Automated Risk Management** triggers immediate liquidation or hedge adjustment upon reaching predefined volatility thresholds.

- **Institutional Connectivity** utilizes standardized APIs to facilitate seamless interaction with traditional brokerage infrastructure.

The strategy hinges on capital efficiency. By utilizing margin-efficient protocols, market makers maximize their return on capital while maintaining a defensive posture against market shocks. The reliance on advanced cryptographic primitives ensures that even while matching occurs off-chain, the final settlement remains trustless and verifiable on the blockchain.

![The abstract digital rendering features several intertwined bands of varying colors ⎊ deep blue, light blue, cream, and green ⎊ coalescing into pointed forms at either end. The structure showcases a dynamic, layered complexity with a sense of continuous flow, suggesting interconnected components crucial to modern financial architecture](https://term.greeks.live/wp-content/uploads/2025/12/interoperable-layer-2-scaling-solution-architecture-for-high-frequency-algorithmic-execution-and-risk-stratification.webp)

## Evolution

The transition from simple market making to **Institutional Market Making** marks a shift toward systemic robustness.

Early participants operated with minimal oversight and rudimentary risk models, often succumbing to extreme market volatility. Modern architecture now incorporates sophisticated, multi-layered security and risk-mitigation protocols that acknowledge the adversarial nature of the crypto environment.

> The evolution of market making is defined by the shift toward systemic robustness and advanced risk management architectures.

This development reflects a broader trend toward professionalization. The industry has moved beyond speculative experimentation into a phase of structural hardening, where liquidity provision is treated as a highly engineered utility. We see a clear divergence: protocols that fail to attract institutional-grade market makers suffer from illiquidity, while those that successfully incentivize professional participation become the dominant hubs for financial activity.

Technological progress in layer-two scaling solutions has further enabled this evolution, reducing the cost of frequent order updates and hedging transactions. The physical constraints of the blockchain are no longer the primary bottleneck for high-frequency strategies.

![The close-up shot captures a stylized, high-tech structure composed of interlocking elements. A dark blue, smooth link connects to a composite component with beige and green layers, through which a glowing, bright blue rod passes](https://term.greeks.live/wp-content/uploads/2025/12/interconnected-financial-derivatives-seamless-cross-chain-interoperability-and-smart-contract-liquidity-provision.webp)

## Horizon

The future of **Institutional Market Making** involves the complete automation of complex derivatives, including cross-chain options and exotic structured products. We are moving toward a state where market making algorithms interact directly with decentralized governance models to adjust protocol parameters in real-time.

This creates a self-optimizing financial system where liquidity is not merely provided, but dynamically allocated based on global demand and protocol-specific incentives.

| Future Trend | Anticipated Impact |
| --- | --- |
| Cross-Chain Liquidity | Elimination of siloed derivative markets |
| DAO-Managed Liquidity | Governance-driven adjustments to protocol parameters |
| Real-Time Settlement | Drastic reduction in counterparty and capital risk |

The ultimate goal is the creation of a seamless, global liquidity layer that operates without human intervention, underpinned by verifiable code and cryptographic security. The role of the institutional participant will evolve into that of an architect, designing the systems and incentive structures that govern these automated markets. The frontier is not just more liquidity, but the total democratization of complex financial instruments previously reserved for elite institutional desks.

## Glossary

### [Real-Time Data Feeds](https://term.greeks.live/area/real-time-data-feeds/)

Data ⎊ Real-time data feeds represent a continuous stream of information, crucial for dynamic decision-making in volatile markets.

### [Market Transparency Initiatives](https://term.greeks.live/area/market-transparency-initiatives/)

Transparency ⎊ Market Transparency Initiatives, within the context of cryptocurrency, options trading, and financial derivatives, fundamentally aim to enhance the visibility and understandability of market operations.

### [On-Chain Market Analysis](https://term.greeks.live/area/on-chain-market-analysis/)

Data ⎊ On-chain market analysis entails the systematic extraction and interpretation of raw ledger activity derived from public blockchain networks.

### [Bid-Ask Spread Analysis](https://term.greeks.live/area/bid-ask-spread-analysis/)

Mechanism ⎊ Bid-ask spread analysis quantifies the disparity between the highest price a buyer is willing to pay and the lowest price a seller is willing to accept within an order book.

### [Margin Call Procedures](https://term.greeks.live/area/margin-call-procedures/)

Procedure ⎊ Margin call procedures represent a formalized sequence of actions initiated by a lender or exchange when a borrower's account equity falls below a predetermined maintenance margin level.

### [Asset Allocation Strategies](https://term.greeks.live/area/asset-allocation-strategies/)

Strategy ⎊ Asset allocation strategies define the structured approach to distributing investment capital across various asset classes, aiming to optimize risk-adjusted returns.

### [Decentralized Finance Risks](https://term.greeks.live/area/decentralized-finance-risks/)

Vulnerability ⎊ Decentralized finance protocols present unique technical vulnerabilities in their smart contract code.

### [Market Manipulation Prevention](https://term.greeks.live/area/market-manipulation-prevention/)

Strategy ⎊ Market manipulation prevention encompasses a set of strategies and controls designed to detect and deter artificial price movements or unfair trading practices in cryptocurrency and derivatives markets.

### [Regulatory Reporting Requirements](https://term.greeks.live/area/regulatory-reporting-requirements/)

Requirement ⎊ Regulatory Reporting Requirements, within the context of cryptocurrency, options trading, and financial derivatives, encompass a complex and evolving landscape of obligations designed to ensure market integrity, investor protection, and systemic stability.

### [Real-Time Hedging](https://term.greeks.live/area/real-time-hedging/)

Application ⎊ Real-Time Hedging, within cryptocurrency derivatives, represents the dynamic adjustment of positions to mitigate exposure to unwanted risks, primarily stemming from price fluctuations in underlying assets or correlated instruments.

## Discover More

### [Centralized Exchange Order Flow](https://term.greeks.live/definition/centralized-exchange-order-flow/)
![This visual abstraction portrays the systemic risk inherent in on-chain derivatives and liquidity protocols. A cross-section reveals a disruption in the continuous flow of notional value represented by green fibers, exposing the underlying asset's core infrastructure. The break symbolizes a flash crash or smart contract vulnerability within a decentralized finance ecosystem. The detachment illustrates the potential for order flow fragmentation and liquidity crises, emphasizing the critical need for robust cross-chain interoperability solutions and layer-2 scaling mechanisms to ensure market stability and prevent cascading failures.](https://term.greeks.live/wp-content/uploads/2025/12/visualizing-notional-value-and-order-flow-disruption-in-on-chain-derivatives-liquidity-provision.webp)

Meaning ⎊ The sequence of buy and sell orders processed by centralized exchange internal matching engines.

### [Institutional Grade Infrastructure](https://term.greeks.live/term/institutional-grade-infrastructure/)
![A sophisticated articulated mechanism representing the infrastructure of a quantitative analysis system for algorithmic trading. The complex joints symbolize the intricate nature of smart contract execution within a decentralized finance DeFi ecosystem. Illuminated internal components signify real-time data processing and liquidity pool management. The design evokes a robust risk management framework necessary for volatility hedging in complex derivative pricing models, ensuring automated execution for a market maker. The multiple limbs signify a multi-asset approach to portfolio optimization.](https://term.greeks.live/wp-content/uploads/2025/12/automated-quantitative-trading-algorithm-infrastructure-smart-contract-execution-model-risk-management-framework.webp)

Meaning ⎊ Institutional Grade Infrastructure provides the resilient, secure, and performant framework necessary for professional capital in decentralized markets.

### [Institutional Trust Building](https://term.greeks.live/definition/institutional-trust-building/)
![A layered structure resembling an unfolding fan, where individual elements transition in color from cream to various shades of blue and vibrant green. This abstract representation illustrates the complexity of exotic derivatives and options contracts. Each layer signifies a distinct component in a strategic financial product, with colors representing varied risk-return profiles and underlying collateralization structures. The unfolding motion symbolizes dynamic market movements and the intricate nature of implied volatility within options trading, highlighting the composability of synthetic assets in DeFi protocols.](https://term.greeks.live/wp-content/uploads/2025/12/visualizing-exotic-derivatives-and-layered-synthetic-assets-in-defi-composability-and-strategic-risk-management.webp)

Meaning ⎊ Establishing the transparency and regulatory standards required to attract large-scale institutional capital into crypto.

### [Asset Liquidity Profiles](https://term.greeks.live/definition/asset-liquidity-profiles/)
![This abstract visualization illustrates market microstructure complexities in decentralized finance DeFi. The intertwined ribbons symbolize diverse financial instruments, including options chains and derivative contracts, flowing toward a central liquidity aggregation point. The bright green ribbon highlights high implied volatility or a specific yield-generating asset. This visual metaphor captures the dynamic interplay of market factors, risk-adjusted returns, and composability within a complex smart contract ecosystem.](https://term.greeks.live/wp-content/uploads/2025/12/market-microstructure-visualization-of-defi-composability-and-liquidity-aggregation-within-complex-derivative-structures.webp)

Meaning ⎊ The assessment of how easily an asset can be traded without causing significant price fluctuations.

### [Market Microstructure Decay](https://term.greeks.live/definition/market-microstructure-decay/)
![A complex abstract visualization depicting a structured derivatives product in decentralized finance. The intricate, interlocking frames symbolize a layered smart contract architecture and various collateralization ratios that define the risk tranches. The underlying asset, represented by the sleek central form, passes through these layers. The hourglass mechanism on the opposite end symbolizes time decay theta of an options contract, illustrating the time-sensitive nature of financial derivatives and the impact on collateralized positions. The visualization represents the intricate risk management and liquidity dynamics within a decentralized protocol.](https://term.greeks.live/wp-content/uploads/2025/12/decentralized-finance-structured-products-options-contract-time-decay-and-collateralized-risk-assessment-framework-visualization.webp)

Meaning ⎊ The deterioration of the technical and procedural systems that facilitate trading.

### [Institutional Investors](https://term.greeks.live/term/institutional-investors/)
![A detailed schematic representing an intricate mechanical system with interlocking components. The structure illustrates the dynamic rebalancing mechanism of a decentralized finance DeFi synthetic asset protocol. The bright green and blue elements symbolize automated market maker AMM functionalities and risk-adjusted return strategies. This system visualizes the collateralization and liquidity management processes essential for maintaining a stable value and enabling efficient delta hedging within complex crypto derivatives markets. The various rings and sections represent different layers of collateral and protocol interactions.](https://term.greeks.live/wp-content/uploads/2025/12/visualizing-dynamic-rebalancing-collateralization-mechanisms-for-decentralized-finance-structured-products.webp)

Meaning ⎊ Institutional Investors transform crypto markets by professionalizing derivative liquidity, hedging volatility, and enabling systematic capital allocation.

### [Arbitrage Opportunity Detection](https://term.greeks.live/term/arbitrage-opportunity-detection/)
![A complex geometric structure visually represents the architecture of a sophisticated decentralized finance DeFi protocol. The intricate, open framework symbolizes the layered complexity of structured financial derivatives and collateralization mechanisms within a tokenomics model. The prominent neon green accent highlights a specific active component, potentially representing high-frequency trading HFT activity or a successful arbitrage strategy. This configuration illustrates dynamic volatility and risk exposure in options trading, reflecting the interconnected nature of liquidity pools and smart contract functionality.](https://term.greeks.live/wp-content/uploads/2025/12/conceptual-modeling-of-advanced-tokenomics-structures-and-high-frequency-trading-strategies-on-options-exchanges.webp)

Meaning ⎊ Arbitrage Opportunity Detection identifies price discrepancies in derivatives to maintain market parity and ensure efficient capital allocation.

### [Informed Trader](https://term.greeks.live/definition/informed-trader/)
![A stylized depiction of a decentralized finance protocol's inner workings. The blue structures represent dynamic liquidity provision flowing through an automated market maker AMM architecture. The white and green components symbolize the user's interaction point for options trading, initiating a Request for Quote RFQ or executing a perpetual swap contract. The layered design reflects the complexity of smart contract logic and collateralization processes required for delta hedging. This abstraction visualizes high transaction throughput and low slippage.](https://term.greeks.live/wp-content/uploads/2025/12/automated-market-maker-architecture-depicting-dynamic-liquidity-streams-and-options-pricing-via-request-for-quote-systems.webp)

Meaning ⎊ A participant with superior information or analytical tools who drives price discovery but creates risks for others.

### [Cross-Exchange Price Disparity](https://term.greeks.live/definition/cross-exchange-price-disparity/)
![This visual abstraction portrays a multi-tranche structured product or a layered blockchain protocol architecture. The flowing elements represent the interconnected liquidity pools within a decentralized finance ecosystem. Components illustrate various risk stratifications, where the outer dark shell represents market volatility encapsulation. The inner layers symbolize different collateralized debt positions and synthetic assets, potentially highlighting Layer 2 scaling solutions and cross-chain interoperability. The bright green section signifies high-yield liquidity mining or a specific options contract tranche within a sophisticated derivatives protocol.](https://term.greeks.live/wp-content/uploads/2025/12/visualizing-cross-chain-liquidity-flow-and-collateralized-debt-position-dynamics-in-defi-ecosystems.webp)

Meaning ⎊ The temporary difference in the price of the same asset when listed on two or more different trading venues.

---

## Raw Schema Data

```json
{
    "@context": "https://schema.org",
    "@type": "BreadcrumbList",
    "itemListElement": [
        {
            "@type": "ListItem",
            "position": 1,
            "name": "Home",
            "item": "https://term.greeks.live/"
        },
        {
            "@type": "ListItem",
            "position": 2,
            "name": "Term",
            "item": "https://term.greeks.live/term/"
        },
        {
            "@type": "ListItem",
            "position": 3,
            "name": "Institutional Market Making",
            "item": "https://term.greeks.live/term/institutional-market-making/"
        }
    ]
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "Article",
    "mainEntityOfPage": {
        "@type": "WebPage",
        "@id": "https://term.greeks.live/term/institutional-market-making/"
    },
    "headline": "Institutional Market Making ⎊ Term",
    "description": "Meaning ⎊ Institutional market making provides the essential liquidity and price discovery required for stable, efficient, and professional-grade crypto derivatives. ⎊ Term",
    "url": "https://term.greeks.live/term/institutional-market-making/",
    "author": {
        "@type": "Person",
        "name": "Greeks.live",
        "url": "https://term.greeks.live/author/greeks-live/"
    },
    "datePublished": "2026-03-16T19:45:20+00:00",
    "dateModified": "2026-04-22T07:58:18+00:00",
    "publisher": {
        "@type": "Organization",
        "name": "Greeks.live"
    },
    "articleSection": [
        "Term"
    ],
    "image": {
        "@type": "ImageObject",
        "url": "https://term.greeks.live/wp-content/uploads/2025/12/algorithmic-execution-nexus-high-frequency-trading-strategies-automated-market-making-crypto-derivative-operations.jpg",
        "caption": "A futuristic, metallic object resembling a stylized mechanical claw or head emerges from a dark blue surface, with a bright green glow accentuating its sharp contours. The sleek form contains a complex core of concentric rings within a circular recess."
    }
}
```

```json
{
    "@context": "https://schema.org",
    "@type": "WebPage",
    "@id": "https://term.greeks.live/term/institutional-market-making/",
    "mentions": [
        {
            "@type": "DefinedTerm",
            "@id": "https://term.greeks.live/area/real-time-data-feeds/",
            "name": "Real-Time Data Feeds",
            "url": "https://term.greeks.live/area/real-time-data-feeds/",
            "description": "Data ⎊ Real-time data feeds represent a continuous stream of information, crucial for dynamic decision-making in volatile markets."
        },
        {
            "@type": "DefinedTerm",
            "@id": "https://term.greeks.live/area/market-transparency-initiatives/",
            "name": "Market Transparency Initiatives",
            "url": "https://term.greeks.live/area/market-transparency-initiatives/",
            "description": "Transparency ⎊ Market Transparency Initiatives, within the context of cryptocurrency, options trading, and financial derivatives, fundamentally aim to enhance the visibility and understandability of market operations."
        },
        {
            "@type": "DefinedTerm",
            "@id": "https://term.greeks.live/area/on-chain-market-analysis/",
            "name": "On-Chain Market Analysis",
            "url": "https://term.greeks.live/area/on-chain-market-analysis/",
            "description": "Data ⎊ On-chain market analysis entails the systematic extraction and interpretation of raw ledger activity derived from public blockchain networks."
        },
        {
            "@type": "DefinedTerm",
            "@id": "https://term.greeks.live/area/bid-ask-spread-analysis/",
            "name": "Bid-Ask Spread Analysis",
            "url": "https://term.greeks.live/area/bid-ask-spread-analysis/",
            "description": "Mechanism ⎊ Bid-ask spread analysis quantifies the disparity between the highest price a buyer is willing to pay and the lowest price a seller is willing to accept within an order book."
        },
        {
            "@type": "DefinedTerm",
            "@id": "https://term.greeks.live/area/margin-call-procedures/",
            "name": "Margin Call Procedures",
            "url": "https://term.greeks.live/area/margin-call-procedures/",
            "description": "Procedure ⎊ Margin call procedures represent a formalized sequence of actions initiated by a lender or exchange when a borrower's account equity falls below a predetermined maintenance margin level."
        },
        {
            "@type": "DefinedTerm",
            "@id": "https://term.greeks.live/area/asset-allocation-strategies/",
            "name": "Asset Allocation Strategies",
            "url": "https://term.greeks.live/area/asset-allocation-strategies/",
            "description": "Strategy ⎊ Asset allocation strategies define the structured approach to distributing investment capital across various asset classes, aiming to optimize risk-adjusted returns."
        },
        {
            "@type": "DefinedTerm",
            "@id": "https://term.greeks.live/area/decentralized-finance-risks/",
            "name": "Decentralized Finance Risks",
            "url": "https://term.greeks.live/area/decentralized-finance-risks/",
            "description": "Vulnerability ⎊ Decentralized finance protocols present unique technical vulnerabilities in their smart contract code."
        },
        {
            "@type": "DefinedTerm",
            "@id": "https://term.greeks.live/area/market-manipulation-prevention/",
            "name": "Market Manipulation Prevention",
            "url": "https://term.greeks.live/area/market-manipulation-prevention/",
            "description": "Strategy ⎊ Market manipulation prevention encompasses a set of strategies and controls designed to detect and deter artificial price movements or unfair trading practices in cryptocurrency and derivatives markets."
        },
        {
            "@type": "DefinedTerm",
            "@id": "https://term.greeks.live/area/regulatory-reporting-requirements/",
            "name": "Regulatory Reporting Requirements",
            "url": "https://term.greeks.live/area/regulatory-reporting-requirements/",
            "description": "Requirement ⎊ Regulatory Reporting Requirements, within the context of cryptocurrency, options trading, and financial derivatives, encompass a complex and evolving landscape of obligations designed to ensure market integrity, investor protection, and systemic stability."
        },
        {
            "@type": "DefinedTerm",
            "@id": "https://term.greeks.live/area/real-time-hedging/",
            "name": "Real-Time Hedging",
            "url": "https://term.greeks.live/area/real-time-hedging/",
            "description": "Application ⎊ Real-Time Hedging, within cryptocurrency derivatives, represents the dynamic adjustment of positions to mitigate exposure to unwanted risks, primarily stemming from price fluctuations in underlying assets or correlated instruments."
        }
    ]
}
```


---

**Original URL:** https://term.greeks.live/term/institutional-market-making/