“…Outside of microstructure, researchers have developed MM strategies for a variety of settings, including prediction markets (Hanson, 2007;Chen & Pennock, 2007;Abernethy, Chen, & Wortman Vaughan, 2011), dealer-mediated markets (Das, 2005;Jumadinova & Dasgupta, 2010), CDAs (Feng, Yu, & Stone, 2004), and environments where prices are generated exogenously (Abernethy & Kale, 2013). In this last category, Chakraborty and Kearns (2011) demonstrate the profitability of market making, given a mean-reverting price series.…”