{"id":206085,"date":"2025-07-08T13:24:41","date_gmt":"2025-07-08T13:24:41","guid":{"rendered":"https:\/\/ibkrcampus.eu\/campus\/?p=206085"},"modified":"2025-07-21T19:58:53","modified_gmt":"2025-07-21T19:58:53","slug":"from-the-pit-to-the-screen-how-market-makers-keep-markets-moving","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.eu\/campus\/podcasts\/ibkr-podcasts\/from-the-pit-to-the-screen-how-market-makers-keep-markets-moving\/","title":{"rendered":"From the Pit to the Screen: How Market Makers Keep Markets Moving"},"content":{"rendered":"\n<p>Go behind the scenes of European equity options with Euronext\u2019s Emma Rosenthal and Maven Securities\u2019 Stuart Pyott as they unpack how market makers keep liquidity flowing\u2014even in stormy markets. From floor trading roots to high-speed tech, it\u2019s a deep dive into trust, transparency, and the future of price formation.<\/p>\n\n\n\n<figure class=\"wp-block-audio\"><audio controls src=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-content\/uploads\/sites\/3\/2025\/07\/pod-20250605-euronext_final_disclosures_mixdown_EU.mp3\"><\/audio><\/figure>\n\n\n\n<p><em>The following is a summary of a live audio recording and may contain errors in spelling or grammar. Although IBKR has edited for clarity no material changes have been made<\/em>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>In this week&#8217;s episode, we&#8217;re gonna talk about the infrastructure of European equity options markets. We&#8217;re gonna look specifically at the role of market makers and also some of the exceptional technology developed to integrate different stakeholders through the exchange marketplace. So joining me to discuss is Emma Rosenthal from Euronext.<br>Welcome, Emma. Thanks for taking the time to join me. Can you tell the audience about Euronext and the valuable role that you play there?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-emma-rosenthal\"><strong>Emma Rosenthal<\/strong><\/h3>\n\n\n\n<p>Sure. So thanks for having me. Euronext is basically the leading pan-European market infrastructure. We operate the national exchanges in France, Italy, the Netherlands, Belgium, Portugal, Ireland, and Norway.<br>We also run the leading derivative franchise in Europe, offering a wide range of products like equity and index options and futures. On my side, I&#8217;m part of the derivatives product team, and I&#8217;m specifically in charge of education for retail investors. So my job is to make derivatives more accessible and better understood by retail investors through programs like webinars, educational campaigns, and close collaboration with our retail broker partners.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-0\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>Lovely. Thanks for that background. And just for the audience&#8217;s benefit, I&#8217;ve conducted several interviews and webinar sessions with Michael Barclay, Emma&#8217;s colleague over at UEX, and they&#8217;re available from the Education tab on the Interactive Brokers website.<br>Also joining me from Maven Securities in London is Stuart Pyott. Welcome, Stuart. Tell us a little bit about Maven Securities, please.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-stuart-pyott\"><strong>Stuart Pyott<\/strong><\/h3>\n\n\n\n<p>Sure, Andrew. And listen, great to be here. Thank you for the invitation. So let me introduce Maven. Maven is a fast-growing market maker. We operate out of six offices globally. Our heritage is really in rates derivatives, but increasingly over the last few years we&#8217;ve been improving in the equity derivative space and also in commodities derivatives.<br>In actual fact, we&#8217;re quite a young firm. We&#8217;ve been making markets now for 14 years. In that period, Maven has had tremendous growth, and I think on reflection there&#8217;s two aspects which set us apart. The first one: while we embrace technology, it&#8217;s really the people behind it that drive us. And I would say secondly, we have an excellent culture. And I think if you put those two together, you end up with a very powerful formula. My role specifically is to take care of external relationships within Maven.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinso-n\"><strong>Andrew Wilkinso<\/strong>n<\/h3>\n\n\n\n<p>Very good. Okay, let&#8217;s kick off with Emma. Can you explain the role of a market maker and how it differs from other participants in the marketplace?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-emma-rosenthal-0\"><strong>Emma Rosenthal<\/strong><\/h3>\n\n\n\n<p>Yes. Basically, a market maker is a firm that continuously provides buy and sell prices on an instrument, so they&#8217;re always ready to trade whether someone wants to buy or to sell. The key role is to provide liquidity, meaning that they make sure investors can enter and exit positions at a fair and transparent price. What makes market makers different from other participants is that they are actually requested to quote prices within a certain spread and with a minimum volume. Other participants, like retail brokers or institutions, can choose when and how they trade, but the market makers are always there to support the market.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-1\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>So, Stuart, let me ask you then: how does a market maker help improve liquidity?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-stuart-pyott-0\"><strong>Stuart Pyott<\/strong><\/h3>\n\n\n\n<p>I think it&#8217;s a really important question, and perhaps even before we get into the how, it might be worth just touching on the why, first of all. There&#8217;s plenty of academic research that makes it very clear there&#8217;s a relationship between the amount of liquidity in a market and the volume.<br>If you want to increase volumes, you need to boost liquidity. We&#8217;re talking there about tightening bid-ask spreads, which then improves transparency, which then obviously lifts confidence\u2014and so really, market-wide, we do that.<\/p>\n\n\n\n<p>That was your question\u2014we&#8217;re putting two things together here: one is consistency and the second is speed. When we have consistency and we have speed, we really have trust. And what trust means is really about always being there. That is about, as Emma mentions, constantly making decisions even when it might be uncomfortable to do\u2014 even when there&#8217;s highly stressed conditions in the market. You can&#8217;t just rock up when the waters are calm, right? You have to be there when the seas are rough. And I think from the end investor&#8217;s point of view, that means that they get to when they need it most.<\/p>\n\n\n\n<p>Now, in terms of the processes that are happening at Maven: first, we are warehousing risk. And when we talk about that, that is a conversation about\u2014we want the risk in the building, right? So, someone does a trade\u2014we are not rushing to unwind or trying to get out of it or to syndicate it. Quite the opposite\u2014we want that risk. That&#8217;s really where the expertise is. And I think the reason that we&#8217;re able to do that is because we have multi-asset capabilities across those six offices that I mentioned. But that really mechanical explanation actually would not work unless you had a very collaborative mindset. And I&#8217;m happy to say that we do have that\u2014but even with that, it still wouldn&#8217;t work unless you had the right infrastructure. And when I talk about infrastructure, I&#8217;m talking about tech-enabled resilience. That means systems have to be really robust in stressed market conditions. I think we had a great example of this two months ago, in the convulsion in early April. This was Liberation Day, and I think actually that was a very important test\u2014not just for Maven, but also for the wider market.<\/p>\n\n\n\n<p>Now, I have to say that Maven\u2019s performance, I think, was close to flawless. On the one hand, that doesn\u2019t surprise me. But having said that, I think the one thing you learn in this business is to never take that for granted.<\/p>\n\n\n\n<p>I think there\u2019s a wider point here though, which is\u2014it\u2019s not just about doing more and more trades. I had quite a few catch-ups with institutional counterparts just after the real volatility, and quite a few were saying: &#8220;Super job. Your team were making some really strong PR trades for a couple hours.&#8221; Yes\u2014but you didn\u2019t actually trade with us. And they said:<br>&#8220;We didn\u2019t actually trade at all.&#8221; But it wasn\u2019t\u2014not that it was known that they could\u2014it was known that they could do it in size, if they had to. I think there\u2019s also a visibility aspect, which was important. So the point I\u2019m trying to make here is: it\u2019s not really a transact relationship. There\u2019s more.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-2\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>So Stuart, just drill down into that a little bit more. How do market makers then\u2014such as Maven\u2014interact with other stakeholders, brokers, institutional investors, to maintain liquidity and efficient price formation in the market?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-stuart-pyott-1\"><strong>Stuart Pyott<\/strong><\/h3>\n\n\n\n<p>Again, I would probably couch that answer in the context of trust. And maybe let me go around the other way and tell you what that\u2019s not. Trust is not just about blindly hitting prices on the screen. It is about reliability, which we&#8217;ve mentioned. It&#8217;s about consistency, as we\u2019ve said. But there\u2019s also a relationship aspect, which is important.<\/p>\n\n\n\n<p>When I say relationships, that includes people like Emma on the exchanges, the broker community, and institutional accounts. What I would say is this: our philosophy is really quite simple. We\u2019re just trying to connect risk taker to risk taker. That might be via a broker or direct\u2014whatever the avenue through which we are disseminating prices, the common denominator is the same.<\/p>\n\n\n\n<p>Three things matter. One: it\u2019s gotta be fast. Secondly: it\u2019s gotta be efficient. And third: it\u2019s gotta be discreet. I would say that third one is particularly important for institutional flow.<\/p>\n\n\n\n<p>But let\u2019s go one by one. For the broker community\u2014what do they want? Continuous two-way prices, and it\u2019s gotta be quick. For the institutions, it\u2019s about liquidity, for sure, discretion as we\u2019ve mentioned. They also value some informational components, but also\u2014you need to be available. Of course, all of the price delivery systems, the RFQ platforms.<\/p>\n\n\n\n<p>Then, also for the exchanges, the conversation with people like Emma is virtually continuous. We call it market structure. Market structure basically means: how can we make markets more efficient? And I think, as we said in the very beginning, there\u2019s this very clear link between the more efficient a market is, the more flow it will attract. So again, it\u2019s one of these positive feedback loops.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-3\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>Emma, how does Euronext\u2019s infrastructure and technology support market makers in fulfilling what they do?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-emma-rosenthal-1\"><strong>Emma Rosenthal<\/strong><\/h3>\n\n\n\n<p>We have built our infrastructure to be market-maker friendly. First, our trading platform, Optiq, is designed for ultra-low latency and high performance, which is essentially critical for market makers who need to quote prices across multiple products in real time.<\/p>\n\n\n\n<p>We also offer incentive programs like liquidity schemes and market-making agreements to reward the firms that provide tight spreads and consistent quoting. In addition to that, we provide direct access to market data feeds, co-location services in our data center located in Italy.<\/p>\n\n\n\n<p>And finally, we work very closely with the market makers to onboard new products\u2014such as, for instance, the mini options we introduced recently\u2014and to ensure that they can quote from day one, which helps to build trust and activity in the market very quickly.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-4\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>Stuart, looking ahead, how do you see the role of market makers evolving with the enhancement of technology within financial markets?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-stuart-pyott-2\"><strong>Stuart Pyott<\/strong><\/h3>\n\n\n\n<p>Yeah, I think in terms of where we are right now, clearly tech is central to everything we do, right? It is the key determinant of the execution speed, the main driver of the pricing engine, and also of the real-time risk management systems.<\/p>\n\n\n\n<p>I think increasingly we are incorporating dynamic quoting flexibility, also some elements around smarter automation. We have some data-driven modeling. But I think your question was really about the future\u2014and I think there are some exciting things happening there.<\/p>\n\n\n\n<p>We\u2019re doing a lot of quite pioneering work around next-generation chips, and I think if that were to come to pass, that would be a real sea change in processing power\u2014not just for Maven, but right across the industry.<\/p>\n\n\n\n<p>We are also looking around the fringes of AI\u2014but just to be absolutely clear on this, only to the extent that it would optimize some of our internal hedging capabilities. I do think sometimes we can almost overextend the conversation around technology, because it\u2019s definitely Maven\u2019s view that we really want to keep things simple, right?<\/p>\n\n\n\n<p>Simplicity still matters. To the extent that tech can reduce noise or increase clarity, then we embrace it. I think we all agree that a clearer signal makes for a cleaner market. Continuous liquidity is the goal, right?<\/p>\n\n\n\n<p>So I think tech is important, but the mission stays the same\u2014which is about making markets more efficient, reducing frictions. And where we can embrace technology as\u2014let\u2019s think of it\u2014maybe the oil in the engine, then that\u2019s very welcome. But perhaps no more so than some of those other elements I\u2019ve also been speaking about: the relationships with the broker community, exchanges, and institutional connections.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-5\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>Excellent. Stuart, I noticed that you began your career on the LIFFE floor\u2014London\u2019s financial derivatives open outcry venue\u2014back in the 1990s. Can you contrast those days with what you&#8217;re doing now?<br>And what I also noticed, and found intriguing, is that on your LinkedIn page you\u2019ve got a job posting for junior floor traders in Chicago. Did I read that right?<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-stuart-pyott-3\"><strong>Stuart Pyott<\/strong><\/h3>\n\n\n\n<p>You absolutely did, of course. It\u2019s a real success story in Chicago. They\u2019ve managed to really create a very powerful hybrid model. Maven is a big part of the growth that we hope to continue in Chicago. So far, our presence there is doing great\u2014we have a floor team of eight already, and we are looking to expand that, as you can see. That\u2019s gonna go to nine.<\/p>\n\n\n\n<p>Andrew, feel free to apply for the role if you fancy it! But you spoke about contrasting it. I think in a sense, everything&#8217;s different\u2014and in a sense, nothing\u2019s really changed at all. Clearly the technology is dramatically different. But I think the common denominator\u2014relationships\u2014still really counts. I think it\u2019s really the one constant, and I can\u2019t see that ever changing.<\/p>\n\n\n\n<p>Whenever you talk to people who worked on open outcry trading floors, they speak about the camaraderie and the importance of those relationships. I do think it\u2019s quite interesting\u2014when you scan around the whole market, at the panoply of market makers who are out there, you can really trace the DNA back to open outcry trading floors. And I think that\u2019s no coincidence.<\/p>\n\n\n\n<p>When you stood on a trading floor\u2014like LIFFE, for example\u2014there were 3,000 people and there was a really strong atmosphere. But you got a really visceral sense of the connection between the market maker and the trader, the market maker and the flow. And so I think really now, what we do is an extension of that. So yeah\u2014much has changed, but actually, much has really stayed the same.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-6\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>I think there\u2019s probably a French term for that\u2014I can\u2019t think of it off the top of my head.<br>Alright\u2014there\u2019s Stuart Pyott from Maven Securities. Thank you very much for joining me.<br>Emma Rosenthal from Euronext\u2014thanks for being my guest today.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-emma-rosenthal-2\"><strong>Emma Rosenthal<\/strong><\/h3>\n\n\n\n<p>Thank you very much.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-7\"><strong>Andrew Wilkinson<\/strong><\/h3>\n\n\n\n<p>And to the audience\u2014thank you for spending some time with <em>Interactive Brokers Podcasts<\/em>. And don\u2019t forget, if you enjoyed today\u2019s episode, don\u2019t forget to subscribe wherever you download your podcasts from. Thanks, and goodbye.<br><br><br><br><br><br><br><br><br><br><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Go behind the scenes of European equity options with Euronext\u2019s Emma Rosenthal and Maven Securities\u2019 Stuart Pyott as they unpack how market makers keep liquidity flowing\u2014even in stormy markets. From floor trading roots to high-speed tech, it\u2019s a deep dive into trust, transparency, and the future of price formation.<\/p>\n","protected":false},"author":111,"featured_media":206153,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[57,59],"tags":[3688,298,3689,3685,2782,3681,3684,3686,3691,1258,2722,3265,3687,3683,3266,3690,3692,3271,3682],"contributors-categories":[605,149],"class_list":{"0":"post-206085","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-ibkr-podcasts","8":"category-podcasts","9":"tag-ai-in-trading","10":"tag-algorithmic-trading","11":"tag-brokerage","12":"tag-derivatives","13":"tag-equity-options","14":"tag-euronext","15":"tag-european-markets","16":"tag-financial-infrastructure","17":"tag-financial-podcast","18":"tag-institutional-investors","19":"tag-liquidity","20":"tag-market-makers","21":"tag-market-structure","22":"tag-maven-securities","23":"tag-open-outcry","24":"tag-price-formation","25":"tag-rfq-platforms","26":"tag-trading-floor","27":"tag-trading-technology","28":"contributors-categories-euronext","29":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>From the Pit to the Screen: How Market Makers Keep Markets Moving<\/title>\n<meta name=\"description\" content=\"Go behind the scenes of European equity options with Euronext\u2019s Emma Rosenthal and Maven Securities\u2019 Stuart Pyott as they unpack how market makers...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-json\/wp\/v2\/posts\/206085\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"From the Pit to the Screen: How Market Makers Keep Markets Moving\" \/>\n<meta property=\"og:description\" content=\"Go behind the scenes of European equity options with Euronext\u2019s Emma Rosenthal and Maven Securities\u2019 Stuart Pyott as they unpack how market makers keep liquidity flowing\u2014even in stormy markets. 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