《Market Makers Don't Have Faith: Jane Street, 10 o'clock Crash and the Truth About Liquidity》(Editor @estherinweb3) Jane Street accounts for more than 10% of trading volume in the US stock market, and like Citadel, belongs to the first-tier market makers, both using automated market making. The market is too bearish, everyone needs a scapegoat, Jane Street is a convenient choice; the survival rules for market makers in a bear market are: first, some projects shorten adjustment cycles; second, some proactively adjust strike prices; third, more and more projects adopt monthly fee models; the simplest approach for the SEC or CFTC is to require participants to follow rules more rigorously, with greater disclosure responsibilities and sufficiently high penalties for violations. If suspicious behaviors like 10 o'clock crashes exist, and the cost of violations is high, they won't dare to do it. Read the full article: