URL details: frontier.tech/a-new-game-in-town
URL title:
A new game in town
URL description:
In 1971 Jack Treynor (under the pseudonym Walter Bagehot) wrote an influential paper “The only game in town”, suggesting the difference between informed traders and uninformed traders. LPs (Market Makers) lose value to informed traders and recover their losses from uninformed traders. Even after 50 years, the model of informed traders has stood the test of time, and is frequently used both in theory and practice.
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