manager can be a liquidity provider.
It will tell it when there is a buyer
or seller looking for a counterparty
where AllianceBernstein can step in
and potentially fill the hole. “It pays
us to be a liquidity provider,” says
But, despite all the talk of the buy-
side stepping into the market making
void left by dealers, Switzer does not
want to push this too far. It is not the
buy-side’s job to assume the interme-
diary role from the sell-side. While
there is more scope to be a price mak-
er, this is only so when it suits clients.
“The buy-side are not the new market makers,” he says. “Being a liquidity
provider is good when it suits clients.
We can be a price maker, but to think
we’re going to solve liquidity problem