For example, a foreign exchange dealer received 65,438+0,000 orders from customers to buy Euro/USD (foreign exchange trading unit, usually referring to 65,438+million units of base currency) and 800 orders to sell Euro/USD, so after internal hedging, there were 200 net long positions in Euro/USD, but the company was willing to bear the risk of market fluctuation of these positions, and did not take these 2000. The relevant laws and regulations in the United States do not rigidly stipulate how to hedge risks, which depends entirely on traders' own risk control strategies. If the customer's list can be cleaned in time, then the market maker hardly needs to bear additional market risks and the income obtained is relatively stable. But in reality, market makers generally bet more or less, which increases their own risks. The existence of this hedging/betting mode means that you may often be unable to connect to the trader's trading system for effective and fast trading during certain time periods (such as when the main data in the United States are released or when the market price fluctuates sharply), because it is difficult for traders to pass on the market risk in time within the limited cost range at this time, so you simply restrict customers from placing orders or take some other measures, and then blame the problem on network failure or other reasons. The phenomenon that orders can't be closed in a specific period of time is also common in the foreign exchange firm trading of domestic banks. In addition, some MM traders will classify customers, and customers may be divided into two categories. Customers with strong profitability are divided separately and enter the slow mode. This kind of customers are faced with many obstacles, such as slippage and difficult transaction (repeated inquiry), but traders will always be very cautious to prevent customers from noticing. Customers with poor profitability fall into the automatic execution mode, because on average, these customers will eventually lose money, so they don't have to pay attention to their orders and let them toss about mediocrity. In the end, their net worth will become zero, and money will naturally enter the pockets of market makers. Market makers and these customers with poor profitability have a great chance of winning gambling transactions. As for transparency, we can only look at the internal policies of these market-making companies.