Market making is the process whereby a market participant, called a market maker,
simultaneously and repeatedly posts limit orders on both sides of the limit order book of a …

Market makers play an important role in providing liquidity to markets by continuously
quoting prices at which they are willing to buy and sell, and managing inventory risk. In this …

Constant product markets with concentrated liquidity (CL) are the most popular type of
automated market makers. In this paper, we characterize the continuous-time wealth …

In corporate bond markets, which are mainly OTC markets, market makers play a central role
by providing bid and ask prices for bonds to asset managers. Determining the optimal bid …

We show that adversarial reinforcement learning (ARL) can be used to produce market
marking agents that are robust to adversarial and adaptively-chosen market conditions. To …

A Market Maker (MM) is an individual or an agent, who actively provides bids and offers asks
in a financial market. Her main goal is to maximize her profit and loss functional by getting …

With the emergence of decentralized finance, new trading mechanisms called automated
market makers have appeared. The most popular Automated Market Makers are Constant …

We employ the expected signature of equity and foreign exchange markets to derive an
optimal double-execution trading strategy. The signature of a path of a stochastic process is …

In this paper, reinforcement learning is applied to the problem of optimizing market making.
A multi-agent reinforcement learning framework is used to optimally place limit orders that …

In dealer markets, dealers provide prices at which they agree to buy and sell the assets and
securities they have in their scope. With ever increasing trading volume, this quoting task …