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好奇大家有没有策略来审查和确保新兴期权交易台的可靠流动性伙伴。我们遇到了一些问题，比如在某些奇异期权上，即使订单量合理，成交也不稳定，点差也比预期要宽。感觉我们接触到的做市商要么挑肥拣瘦，要么在市场快速变化时响应太慢。大家是如何在不每次寻找新交易对手时都经历重重障碍的情况下，确保有竞争力的价格和一致的执行质量的？仅仅是KYB流程就可能是一场噩梦，尤其是在你只是想了解他们的服务时。
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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