Market maker obligations
The contractual terms under which a participant maintains two-sided quotes for an agreed share of trading time.
How to read the number
It is the obligation, not goodwill, that explains why the book of a rarely traded security does not empty on a quiet day.
When the metric lies
The duty is capped in size and in time. Beyond those caps the quotes disappear, and that is most visible exactly during a sharp move.
Also known as: quoting obligations