Trading Desk
PMMI May 2025
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Serge Nussbaumer
Chefredaktor
As at April 30, 2025, the market making quality of issuers was below the level at the end of March for both leveraged and investment products.
The PMMI provides a rough overview of the market making quality of the various issuers in the structured products segment. April was characterized by a nervous mood on the markets, which is reflected 1:1 in the PMMI values. Bid-only was one method, wider spreads another or even phases without price fixing.
Bank Julius Baer and Leonteq, including their white label partners, should certainly be highlighted as positive examples. They have managed to maintain fair pricing and a constant volume even in the most turbulent times. This is all the more impressive in the case of Leonteq in particular, as April was more or less the starting signal for its entry into the leverage business.
It is clear that it is difficult to reconcile hedging and pricing in hectic market phases and no one criticizes this. Nevertheless, it should be possible to show a quote with a corresponding volume for the most part. The spread can then be a little wider. The investor will be grateful.
Source of all graphics: payoff.ch
