Automated market makers (AMMs) are a new type of trading venue where the rules for liquidity provision and liquidity taking are considerably different from those of the traditional electronic trading venues. AMMs have become one of the key markets to trade crypto-currencies, whose liquidity is...

We derive closed-form strategies for a broker who provides liquidity to an informed trader and to a noise trader over a finite-time and infinite-time trading horizon. The flow of the noise trader is uninformative and the broker trades with the noise trader at a profit, on average. On the other...

We show how a market maker employs information about the momentum in the price of the asset (i.e., alpha signal) to make decisions in her liquidity provision strategy in an order driven electronic market. The momentum in the midprice of the asset depends on the execution of liquidity taking...