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by TuringNYC
2529 days ago
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They are not the same, but Market Making requires hedging. Hedging is not usually 1:1 but rather portfolio hedging — so distinguishing prop trading from hedging is difficult except in the obvious case of prop desks where there was not hedging mandate. Consider the London Whale incident — the entire $6b shortfall was a giant prop position passed off as a hedge. |
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