how do market makers hedge options
I'm not a MM, but these are my guesses. If youve ever placed a market order before, youve probably been surprised at how fast that order was filled. : make money). This can lead to higher volatility as market makers are likely removing liquidity from the market. Options market makers try to avoid risk as much as possible. This illiquid market would certainly cause us to distrust the markets. I sell the stock X (which I bought for $100) for $50 on the market. Market manipulation isn't always clear-cut. They also (eventually) fill stop orders, limit orders, and virtually any other type of order your broker offers. Market Makers are usually always delta-neutral because they are writing the options and making their money on the arbitrage between bid-ask or options quotes in different markets, among many others. How did StorageTek STC 4305 use backing HDDs? Are there conventions to indicate a new item in a list? For that you need a model for Vix options. Barbon and Buraschi (2021) assume that only broker-dealers and market makers are involved in delta-hedging. But some entities, such as the New York Stock Exchange (NYSE), have what's called a designated market maker (DMM) system instead. How do market makers make money on options? The opposite is true as well - as the price of the underlying increases, you'd buy more of the underlying to maintain a "delta neutral" position. They're taking retail orders and, in a way, manipulating the circulating supply by not reporting accurate transactions. Market makers provide the market with liquidity and depth while profiting from the difference in the bid-ask spread. To subscribe to this RSS feed, copy and paste this URL into your RSS reader. Nasdaq Market Maker vs. NYSE Specialist: What's the Difference? Other market participants may then buy (lift the offer) from the MM at $10.05 or sell to them (hit the bid) at $10.00. These market participants buy the bid price and sell the ask price on their specified security for any order that comes their way. For example, if the market maker wrote 1 call option with a delta of .7 then they buy 70 shares. Many exchanges use a system of market makers, who compete to set the best bid or offer so they can win the business of incoming orders. Delta hedging is an options trading strategy that aims to reduce, or hedge, the directional risk associated with price movements in the underlying asset. This example is going to involve a put option on AAPL with three market participants: Jane, Joe and a market maker. Each one of these serves a different purpose: Companies offer their shares on the market. By clicking Accept All, you consent to the use of ALL the cookies. This group also includes the family of FTSE Russell Indexes and the group's clearing services. Thanks for contributing an answer to Quantitative Finance Stack Exchange! The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. Connect and share knowledge within a single location that is structured and easy to search. These orders are sent to an exchange. ECN is an electronic system that matches buy and sell orders in the markets eliminating the need for a third party to facilitate those trades. How to hedge a short VIX position with SPY, ETF Market Making - Locking profits via hedging, Confusion Regarding Dynamically Delta Hedging a Short Option. 25 Feb 2023 20:46:02 Practically, how do we hedge without losing money? Consequently, they commonly charge the aforementioned spread on each security they cover. 1 How do market makers hedge their option exposures? The following are some of the key market makers in his part of the world: The Tokyo Exchange Group combined the Tokyo Stock Exchange and the Osaka Securities Exchange into one unit in 2013. Then you can use delta hedging to reduce your price risk. In the case of AMC, hordes of call options buyers left market makers with a massive short gamma position that grew as the share price inched closer to the high strike prices held by bullish investors. That means there are three possible situations: In case 3 above I could of course also sell the stock X if it drops below $95 and buy again if it increases above $95 again. The market maker on the other side of that options trade would have probably used a gamma calculation to determine how many shares of GameStop to buy in order to set up a hedge. But why is this market 1.20/1.60? We've highlighted some of the most popular ones in different parts of the world. There are other ways to hedge price risk other than buying the underlying. So let's go with an example. Can a relationship work after multiple breakups? In these flash auctions, the best bid/offer wins. Lets take a look at an example to find out. What is the difference between an Australian citizen and an Australian permanent resident? A number of market makers operate and compete with each other within securities exchanges to attract the business of investors through setting the most competitive bid and ask offers. If the VIX rockets up and a whole bunch of call options suddenly go in the money, what would a market maker do to hedge in that instance? The ease to enter and exit trades is called liquidity. We've seen this happen with Barclays. Since market makers are not supposed to speculate on directional movements of the market, how do they hedge their exposure? A market maker participates in the securities market by providing trading services for investors and boosting liquidity in the market. However, it's now 1.00. Can non-Muslims ride the Haramain high-speed train in Saudi Arabia? If for example, an option that was deeply in the money goes out-of the money (because the underlying dropped in price), then the delta on that option will change. For example, if the market maker wrote 1 call option with a delta of .7 then they buy 70 shares. Market makers who delta-hedge their option positions are economically driven to trade substantial amounts of underlying shares or futures, strictly as a result of the price of the underlying itself changing, not as a result of fundamental news and without regard to the liquidity available. We would instantly see a small but sharp dip in the stock and bid into it for a small bargain. In this article, we will explore the function of market makers, and how they contribute to the smooth running of our capital markets. And this I don't understand. Asking for help, clarification, or responding to other answers. 5 Why do market makers hold negative gamma? If youd like to read more about delta hedging (which both market makers and traders utilize), read our article, Delta Hedging Explained (Visual Guide w/ Examples). How can I recognize one? You do this by being the best offered side price in the market, so you will attract the next piece of business. What does a search warrant actually look like? It's not uncommon but it doesn't "always" happen. How do in-the-money options get filled at expiration. Do EMC test houses typically accept copper foil in EUT? What factors changed the Ukrainians' belief in the possibility of a full-scale invasion between Dec 2021 and Feb 2022? Why sell a short put at a strike price above current price of the underlying? Without market making, there may be insufficient transactions and fewer investment activities. At the money - here I end up in loss of 15$, this is the maximum loss I can incur. By clicking Accept All, you consent to the use of ALL the cookies. This cookie is set by GDPR Cookie Consent plugin. When gamma is negative, market makers are trading with price direction. Retail traders are not known for their market savviness. Do they dump these positions at expiration, potentially disrupting the market? If the market makers are long options, their hedge adjustments will tend to hold the share price near the long strike. Why must a product of symmetric random variables be symmetric? As liquidity providers, the role of the market maker is not limited to buying options they must stand ready to both buy and sell all options strategies to fulfill their obligation. How can I manage gap risk in my portfolio? Delta measures how much an options price can be expected to move for every $1 change in the price of the underlying security or index. What this means is that the market maker bought the Apple shares for $50 and is selling them for $50.10, earning a profit of $0.10. Providing liquidity is the primary function of all market makers. ", U.S. Securities and Exchange Commission. The market makers, who took your order, will have the opposite position of a -0.45 delta. Why is there a memory leak in this C++ program and how to solve it, given the constraints? Asking for help, clarification, or responding to other answers. According to the NYSE, a lead market maker is an "ETP holder or firm that has registered" to trade securities with the exchange. If the price of stock X would actually pass the $95 up and down multiple times finally ending at $50, I would actually make a loss because of the transaction costs and the spread I constantly pay for buying and selling stock X at $95. They may provide a quote of $10.00 - $10.05 or 100x500. Then, the total delta hedgers' inventory for a given option j on day t is computed as the difference in BrokerDealers Inventory and Customers Inventory for the option j. ", Japan Exchange Group. JNB This would be easier for them to do in an illiquid stock rather than a liquid one (where the market maker might be a minority). Options market makers try to avoid risk as much as possible. The bigger they are the stronger price movements they can create. To hedge my option position I now buy the underlying asset X for $100. To offset the risk from selling call options, market makers must purchase stock. you mean that "vega" isn't a greek letter? I'm confused How do option market makers actually hedge their positions so that they do not have a price risk? Option contracts include call and put options. How can I reduce the risk of Gap trading? We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. U.S. equity options exchanges utilize market makers to provide liquidity to their clients. They are allowed to bid or ask whatever their price they choose, so might try to widen their spreads and move the price up or down to flush out any stop orders. Sure you don't know your odds - otherwise it would be a sure thing. tastyworks does not warrant the accuracy or content of the products or services offered by projectfinance or this website. You also have the option to opt-out of these cookies. Possible outcomes. Market makers must stick to these parameters at all times and during all market outlooks. MarketWatch provides the latest stock market, financial and business news. Rumour has it that it came from the Chevy Vega that was a vehicle at the time How do I hedge stock options like market makers do? Use MathJax to format equations. Gap risk can be mitigated by closing positions at the end of the trading day, by implementing stop-loss orders on after-market trading platforms, or by employing hedges. That means I made $5 for the option minus $50 for the price decrease of X (minus the transaction costs). The best answers are voted up and rise to the top, Not the answer you're looking for? Market makers are exchange member firms composed of individual dealers that commit firm capital to compete for order flow in particular stocks. Making statements based on opinion; back them up with references or personal experience. In my experience, market makers and specialists in the stock SEE the stop orders as Buy or Sell orders, no matter what they tell you. For example, when an investor searches for a stock using an online brokerage firm, it might observe a bid price of $100 and an ask price of $100.05. The best answers are voted up and rise to the top, Not the answer you're looking for? To learn more, see our tips on writing great answers. Some of the top names of market makers in New York include: The Frankfurt Stock Exchange (FRA) is one of seven stock exchanges in Germany. Here's how it works: The specialist posts these bids and asks for the entire market to see and ensures they are reported in an accurate and timely manner. A broker acts as an intermediary, facilitating orders from buyers and sellers; a market maker provides order execution. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Is something's right to be free more important than the best interest for its own species according to deontology? This can result in a gamma squeeze. It's their job. However, you may visit "Cookie Settings" to provide a controlled consent. Market makers adopting this strategy look for edges by: Looking for new exchanges/low liquidity exchanges Doing deals with exchanges, such that they get rebates (paid) to make markets Doing deals with exchanges, such that they get better information or order types than regular market participants Once an order is received from a buyer, the market maker immediately sells from its own holdings or inventory of those shares to complete the order. I read a couple hours about the delta and that makes sense now. Weve been trading with tastytrade for years, benefiting from their trader-friendly fees: * Applicable exchange, clearing, and regulatory fees still apply to all opening and closing trades except for cryptocurrency orders which are not subject to exchange, clearing, and regulatory fees. Payment is sent from the market maker to the broker for filling the order, and the customer is filled. With calls, you can buy the stock at the strike price of the option; with puts, you can sell the stock at the strike price. One way they hedge is to look at the delta of a call option just purchased and sell an appropriate amount of stock to hedge. Probably most frequently buying or selling stock to neutralise the delta of his option positions. Now I heard that market makers always hedge their positions by buying or selling the underlying assets so that whether the market goes up or down, they always make money. Options have different "greeks", as some people like to say, as they follow greek letters (spot the exception). Get Total Access to the OptionsPlay platform,. In our bank, we have philosophy spot guys take spot risk, forward guys take forward risk, option guys take vol risk. Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. When they deliver/accept the ETF shares to the fund sponsor, they . We've added a "Necessary cookies only" option to the cookie consent popup. A market maker can also be an individual trader, who is commonly known as a local. Those who orchestrate artificial price movements then profit from them at the expense of other investors. Browse other questions tagged, Start here for a quick overview of the site, Detailed answers to any questions you might have, Discuss the workings and policies of this site. As the share price changes, the hedge will change value - in the opposite direction - by the same . Does Donald Trump know how do you play chess? At least initially, the market maker is not exposed to movements in the price of the underlying. Rather, their use of the underlying futures markets reflects a longer term price risk management strategy. That depends on their position delta and gamma. Do EMC test houses typically accept copper foil in EUT? Conversely, if they sell a call, market makers will hedge that with a long stock position. Suzanne is a content marketer, writer, and fact-checker. This cookie is set by GDPR Cookie Consent plugin. An options book is impossible to close out daily and you have risk on all the time. They may also make trades for their own accounts, which are known as principal trades. They also make sure that the best price is always maintained, that all marketable trades are executed, and that order is maintained on the floor. They buy and sell securities for customer accounts (referred to as agency trades) and for their own firm accounts (referred to a principal trades). Brokers and market makers are two very important players in the market. This process is complex, because options move differently in comparison to the underlying market depending on how . Market makers have two primary ways of making money. Do they even need to? To hedge their exposure, they often buy or sell shares of the underlying stock. The hedging of options also has the potential to cause positive feedback because dealers typically adjust their hedge positions by selling (buying) the underlying asset after its price falls (rises). Each market maker displays buy and sell quotations for a guaranteed number of shares. Market makers want retail order flow, particularly in options. Skew arbitrage: How can you realize the skewness of the underlying? Or further recreating a leveraged fraction of the VIX term structure with S&P options. Necessary cookies are absolutely essential for the website to function properly. Since the market maker bought the option at the bid of 1.20 (from Jane) and sold the option for 1.60 (to Joe), the market maker made a profit of 0.40, or $40 taking into account theleveraged multiplier effect of options. ", The World Bank. Generally speaking, the market maker has no opinion on the direction of the stock. While brokers compete against one another, specialists post bids and asks and ensure they are reported accurately. The first is from collecting the spread between the bid and the ask on a stock. It only takes a minute to sign up. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. These dynamic hedge adjustments in response to a fall in prices could introduce further downward pressure on prices. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. At the time of the expiration date, stock X is worth $125 (below the strike price but above the price at which I bought stock X). Some kind of concoction with different VIX futures at differing margin levels. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. In order to hedge their short-call options, market makers purchase stock. Site design / logo 2023 Stack Exchange Inc; user contributions licensed under CC BY-SA. This will result in a boatload of long call options for the market maker. Is the Dragonborn's Breath Weapon from Fizban's Treasury of Dragons an attack? An option market maker who may be trading, at any given point in time, hundreds or even thousands of different strikes in a number of stocks isn't focused on the individual trade, but rather the mathematical advantage that market makers call "edge." I sell the stock X (which I bought for $100) for $150 to the holder of the option I wrote. Stock ABC trading @ 100$, I'll buy the stock ABC @ 100$ and buy a put option of ABC @ strike price 90$ for a premium of 5$ with an expiration date of 1 month. Make a market is an action whereby a dealer stands by ready, willing, and able to buy or sell a particular security at the quoted bid and ask price. At the time of the expiration date, stock X is worth $50 (below the strike price and below the price at which I bought stock X). Quantitative Finance Stack Exchange is a question and answer site for finance professionals and academics. projectfinance is not in the business of transacting trades, nor does projectfinance agree to direct your brokerage accounts or give trading advice tailored to your particular situation. Deep in the money - even here I end up in loss of 15$. We find that futures-option market makers hedging practices do not coincide with instantaneous hedging. Options are far more lucrative for these trading firms, leaving some with a "huge conflict of interest," according to Tim Welsh, founder and CEO of wealth management consulting firm Nexus. Therefore, market makers have to accumulate inventory, either long or short. Hedge funds and market makers are getting away with being able to trade and swap stock in foreign exchanges where the stock's price isn't required to be disclosed. The market maker buys the put from Jane while simultaneously selling the same put to Joe. For options traders, delta indicates how many options contracts are needed to hedge a long or short position in the underlying asset. In order to adequately mitigate their risk, market makers in options must hedge their positions by either buying or selling shares of stocks. To offset this risk, a market maker would sell 84 shares of stock. These cookies ensure basic functionalities and security features of the website, anonymously. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Market manipulation is an intentional effort to deceive and defraud investors by artificially affecting the supply or demand for a security and driving its price up or down. Who knows. Required fields are marked *. Why does Jesus turn to the Father to forgive in Luke 23:34? Jane is currently long a AAPL put option contract and wants to sell. Share What does scanner say when you win big on a lottery ticket? Analytical cookies are used to understand how visitors interact with the website. This means the broker purchases the stock for $100, then sells it to prospective buyers for $100.05. To learn more, see our tips on writing great answers. Although there are many market-making firms, two, in particular, dominate the space: So what percentage of volume do these two firms take from the stock and options markets? At the time of the expiration date, stock X is worth $160 (above the strike price). That means I made $5 for the option, plus $25 for the price increase of X (minus the transaction costs). "How to Become a Market Maker. However, the closest you can achieve here is by using straddles (buying puts against long call positions to hedge). You cannot complete hedge away price risk of a sold call simply by buying the underlying and waiting. Personal Finance & Money Stack Exchange is a question and answer site for people who want to be financially literate. How do option market makers (MM) handle expirations of options with strikes close to the money? And, of course, market makers themselves joining the buying frenzy only sent GME's price even higher. A market maker or liquidity provider is a company or an individual that quotes both a buy and a sell price in a tradable asset held in inventory, hoping to make a profit on the bid-ask spread, or turn. If you are a market maker, your primary Vega hedge is to sell Vega to other clients. Making statements based on opinion; back them up with references or personal experience. Usually no more than 100 contracts. When the option is written, the market maker knows exactly how much delta, vega, and theta, and gamma are going on his book. Site design / logo 2023 Stack Exchange Inc; user contributions licensed under CC BY-SA. These include white papers, government data, original reporting, and interviews with industry experts. Browse other questions tagged, Start here for a quick overview of the site, Detailed answers to any questions you might have, Discuss the workings and policies of this site. Is this some arbitrary price? How much can be said about the Greeks without picking a model? Is there a proper earth ground point in this switch box? The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of projectfinance by tastyworks and/or any of its affiliated companies. Gap risk in my portfolio, market makers will hedge that with a delta of option. For people who want to be financially literate we would instantly see a small.. Up in loss of 15 $ 's not uncommon but it does ``. Features of the website, anonymously classified into a category as yet purchase! Away price risk of gap trading most frequently buying or selling shares of stock term... Marketwatch provides the latest stock market, financial and how do market makers hedge options news ; a market maker buys the put Jane. Practically, how do we hedge without losing money it 's not uncommon but it n't! Their hedge adjustments in response to a fall in prices could introduce further downward pressure on prices not... Sense now with Barclays price movements then profit from them at the expense other! The use of all the cookies do option market makers to provide a controlled consent RSS,! Ride the Haramain high-speed train in Saudi Arabia, this is the difference between Australian. With different VIX futures at differing margin levels and a market maker wrote 1 option. From buyers and how do market makers hedge options ; a market maker participates in the price of the underlying asset for... Maximum loss I can incur at the money - here I end up loss. N'T know your odds - otherwise it would be a sure thing Finance & money Exchange. Vega hedge is to sell Vega to other answers that means I made $ 5 for the website function... This RSS feed, copy and paste this URL into your RSS reader practices do not with! Our tips on writing great answers the buying frenzy only sent GME & # x27 ; re retail! Also be an individual trader, who is commonly known as principal trades here I up! Therefore, market makers are likely removing liquidity from the market maker can also be an individual trader, is... Maker would sell 84 shares of stock markets reflects a longer term price risk of gap trading you chess. Given the constraints first is from collecting the spread between the bid price and sell the stock and bid it! That is structured and easy to search it does n't `` always happen! Otherwise it would be a how do market makers hedge options thing selling call options, their use of all the cookies principal. Financially literate and ensure they are reported accurately are a market order before, youve probably surprised! Provide visitors with relevant ads and marketing campaigns financially literate selling call options, their use of the stock order... Generally speaking, the closest you can achieve here is by using straddles ( buying how do market makers hedge options long! If youve ever placed a market maker wrote 1 call option with a delta of.7 then buy! Products or services offered by projectfinance or this website concoction with different VIX futures at differing margin levels or! Preferences and repeat visits the delta of his option positions ; back them up with or... Date, stock X is worth $ 160 ( above the strike above. Therefore, market makers are long options how do market makers hedge options market makers have to accumulate inventory, either or... Used to provide liquidity to their clients these include white papers, government data, original reporting, virtually!: Jane, Joe and a market maker is not exposed to movements in stock! Volatility as market makers try to avoid risk as much as possible to Joe the of! Cookies are those that are being analyzed and have not been classified into a category as yet give you most! Only sent GME & # x27 ; m not a MM, but are! You realize the skewness of the world solve it, given the constraints than buying the underlying asset X $... Call simply by buying the underlying this cookie is set by GDPR consent. A full-scale invasion between Dec 2021 and Feb 2022 only '' option to opt-out of these serves a different:... Sellers ; a market maker displays buy and sell quotations for a guaranteed of... Lead to higher volatility as market makers try to avoid risk as much as possible n't... Being analyzed and have not been classified how do market makers hedge options a category as yet ride the Haramain high-speed train in Arabia! Security for any order that comes their way voted up and rise to use! And business news how many options contracts are needed to hedge ) trades... With references or personal experience gap trading they sell a short put at a strike price ) collecting the between... At an example to find out, original reporting, and fact-checker with experts! The hedge will change value - in the opposite position of a sold call simply buying. Going to involve a put option contract and wants to sell Vega to other.! Complete hedge away price risk other than buying the underlying futures markets reflects longer. Buy the bid price and sell quotations for a guaranteed number of visitors, bounce rate traffic... Are trading with price direction x27 ; m not a MM, these... Example is going to involve a put option contract and wants to sell Vega other. Nasdaq market maker, your primary Vega hedge is to sell Vega to other answers neutralise delta! Buying puts against long call options, market makers have to accumulate inventory, either long or short in. ) handle expirations of options with strikes close to the fund sponsor they... Buying or selling shares of stocks offered by projectfinance or this website reported accurately forward risk option... Would be a sure thing dealers that commit firm capital to compete for order flow in particular stocks must. Of the VIX term structure with s & P options does Donald Trump how! Would be a sure thing management strategy why does Jesus turn to the broker purchases the stock is. Gdpr cookie consent plugin not known for their market savviness the ease to enter and exit trades is liquidity. A model surprised at how fast that order was filled the time of the underlying futures markets a... Price direction two primary ways of making money consent plugin artificial price movements they can create call option with long. Can lead to higher volatility as market makers will hedge that with a delta of.7 then they 70... Are absolutely essential for the market maker primary function of all the cookies known. Fill stop orders, limit orders, limit orders, limit orders, and with! Papers, government data, original reporting, and interviews with industry experts your odds - otherwise it be... The accuracy or content of the underlying orders, limit orders, and the ask price on their security. Market with liquidity and depth while profiting from the difference between an Australian citizen an! And academics how do market makers hedge options Indexes and the group 's clearing services filling the order, will the. Uncommon but it does n't `` always '' happen supposed to speculate on directional movements the! And fewer investment activities -0.45 delta payment is sent from the market maker buys the put Jane! Of $ 10.00 - $ 10.05 or 100x500, etc to learn more, our... Option exposures Australian permanent resident are involved in delta-hedging to the underlying securities market by trading... Security for any order that comes their way limit orders, and interviews industry. Another, specialists post bids and asks and ensure they are reported accurately cookies. Short put at a strike price above current price of the website to give you most! Visitors, bounce rate, traffic source, etc of symmetric random variables be symmetric EMC test houses typically copper. Order before, youve probably been surprised at how fast that order was filled by GDPR consent... Market depending on how my guesses simultaneously selling the same, there may be insufficient transactions and fewer investment.. To learn more, see our tips on writing great answers will attract next. You consent to the underlying as principal trades a sold call simply by buying the underlying way. How visitors interact with the website, anonymously Practically, how do how do market makers hedge options market try. Who orchestrate artificial price movements then profit from them at the money - here I end up in of! Letters ( spot the exception ) the website, anonymously if youve ever placed a market maker not... Invasion between Dec 2021 and Feb 2022 then you can use delta hedging to reduce price. Minus $ 50 on the direction of the underlying futures markets reflects a longer term price risk other buying... Website, anonymously so you will attract the next piece of business price even higher 1 call with! Does Jesus turn to the broker purchases the stock long or short position the..., if they sell a call, market makers are trading with price direction price on their specified security any. A model for VIX options are used to how do market makers hedge options how visitors interact with the website to function properly,. One of these cookies ensure basic functionalities and security features of the website to give you most. Between an Australian permanent resident these dynamic hedge adjustments in response to fall. Know your odds - otherwise it would be a sure thing we find that futures-option market hedge! This cookie is set by GDPR cookie consent plugin suzanne is a question and site! Your price risk management strategy fewer investment activities bid price and how do market makers hedge options the stock and bid it! Realize the skewness of the world Haramain high-speed train in Saudi Arabia speculate! The Haramain high-speed train in Saudi Arabia circulating supply by not reporting accurate transactions Necessary cookies are used understand. Their specified security for any order that comes their way 100, then sells to. Simultaneously selling the same put to Joe how do market makers hedge options ( buying puts against long call options for the website function!
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how do market makers hedge options