Market Making Opening Quote Interview
Market making opening quote interview guide for starting with fair value, uncertainty, spread, size, and an update plan.
Candidates unsure how to start interactive trading games.
The first quote sets the frame
An opening quote should show your fair value estimate, uncertainty, and willingness to trade without overcommitting to false precision.
Start with a midpoint
Use the best available fair value as midpoint. If uncertain, say so and reflect that uncertainty in spread or size.
Concrete example
If fair value is roughly 100 and you are uncertain, an opening quote like 96 at 104 may be more defensible than 99.9 at 100.1.
Plan the update
Before the quote is hit, know how you will update after a buy, a sell, or a new signal.
Avoid over-aggression
The first quote does not need to win every trade. It needs to be defensible under the information you have.
Common mistakes
Candidates often quote too tight at the open to sound confident. Early uncertainty usually deserves respect.
Practice the pattern
Use the LeetQuidity curriculum and calibration to turn this topic into a focused practice plan.