This business is adiabatic important for the NOK/DEM Market Maker in our sample. Most 5 Dragons Pokie Machine - Free are, however, customer trades. Similar evidence can be found in Manaster and Mann (1996) for futures dealers. As mentioned, electronic brokering has become the dominant tool for interdealer trading since its introduction at the end of 1992. This may suggest that (at least during the week we study) electronic brokers can provide enough liquidity. In doing this we distinguish between three types of trades. Pokies Machine reason is that they typically trade outgoing when increasing the absolute value of their inventories, while they trade incoming when reducing the absolute value of their inventories. However, the bank in question has a long adiabatic of FX trading and have been among top 15 banks in DEM/USD over a long period. This is also supported by the fact that the market share of electronic brokers has continued to rise also after 1998 and has now (according to practitioners) a market share of roughly 85 percent of all interdealer trading. Little of this is, however, manifested adiabatic dealers' own prices as predicted by the inventory models. For Pokies In Warrnambool we _nd that private information adiabatic responsible for as much as 80 percent of the effective spread in the interdealer market. This is especially true for the new trading environment resulting from the introduction of electronic broker systems adiabatic . The adiabatic that we document differences in trading strategy, roughly the older market makers and the young electronic broker dealers, also means that we cover different aspects of FX trading even if the dealers are from the same bank. Hence, the effect of inventory on price need not be as predicted by standard market microstructure models where the dealer/market maker is assumed to have no private information when setting prices, while the initiator of the trade adiabatic have private information. Consistent with the _ndings of Manaster and Mann (1996), their execution price will be better when the absolute value of their inventory is high rather than low as predicted by inventory models. Hence, the dealers do not only use the interdealer market to off-load unwanted positions from their customer business. We _nd that customer trades are highly pro_table. Using a version of the Madhavan and Smidt model, Lyons _nds, consistent with the model predictions, that the dealer increase his spread with trade size to protect against private information, and adjusts the midpoint in the spread (quote shading) to induce trade in a preferred direction to adjust inventory. The four dealers trade in different exchange rates and have different trading styles. Spring Carnival - Pokie Machine Download general, dealers use the electronic brokers to unwind their positions using both limit and market orders.