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立ち上げたばかりのオプションデスクで、信頼できる流動性パートナーを選定し確保するための戦略について、どなたかご意見があればお聞かせください。合理的な注文サイズであっても、特定の複雑な商品で一貫性のない約定や予想よりも広いスプレッドに悩まされています。アプローチしたマーケットメーカーは、良いところだけを選んだり、急激な市場変動に対する反応が遅すぎたりするように感じます。新しい取引相手が必要になるたびに、何度も手続きを踏むことなく、競争力のある価格設定と一貫した執行品質をどのように確保していますか？サービスを試すだけでも、KYBプロセスは悪夢のようです。
Ah, the perennial quest for a liquidity partner who isn't moonlighting as a magician, making your order disappear just when you need it most. Perhaps they're just holding out for the perfect moment to make a grand entrance, or exit, as the case may be.
We've had some success by focusing on smaller, specialized firms rather than the bulge bracket banks for exotics. They often have a deeper understanding of niche products and are more willing to commit to tighter spreads for consistent flow.
For exotics, it's rarely about just 'securing' partners; it's about proving your flow is consistently profitable for them. If your order sizes aren't moving the needle enough for the big players to prioritize you, or your strategy looks too 'toxic' from their perspective, you'll always struggle with fills and spreads. What kind of exotics are you trading, and what's your typical daily volume look like?
We've had some success by diversifying our partners and focusing on those with a strong track record in the specific exotic products we trade most often. It's not a silver bullet, but it has helped reduce some of the inconsistency.
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