Market Discussions

If you wish I can reserve for you. However I'd like to give the chance for several Investors to take part of the investment.

I suppose you know you can also apply to be Market Maker in the closed end fund even if you won't sell a single share while still benefitting from the entry discount, right?

Also, in case I don't get the closed end fund to the hard cap, I may simply enlarge the open end fund to cover the gap.

Will do.

Sorry, I'm a bit confused. I thought you weren't taking reservations until the thread was posted?

You asked me as delegate, in order for me to reserve you your spot I need to know how much ISK to put on the minerals fund and/or ice and/or T2 and/or PI fund and/or "Simple fund" (the open ended).

Oh, Vaerah can you be my delegate? 250m on the mineral fund and 250m on the T2 fund please as a market maker please

Ok, but I can't take further delegations from now on.

List of my delegations:

Samroski => 10b equally across all the 4 closed funds i.e. 2.5b each.
Vargan Armer => 250m on the mineral fund and 250m on the T2 fund
Grendell => 20b on open end fund
Nanatoa => 10B spread evenly across the first four funds, as a market maker.




This is why I am not taking further delegations. I meant it as "emergency button" for those unable to attend to the reservations not as a default way to do things.

After the reservations are closed I will tell to send money. You'll have 3 days since reservations closure to do so, then the reservation is void and the next in queue (if any) will be taken.

Hello Towaoc, long time no see!

In order to be able and keep this initiative understandable by an audience of (advanced) gamers I had to apply a number of simplifications.
The most substantial one is the lack of distinct kind of shares: no class A, class B etc. since it'd just have mudded the waters a lot.

The other is a shallow implementation of the market structure. I suggest reading this influential "Trading Exchanges: Market Microstructure for Practitioners" book by Larry Harris I reviewed on my website.
This less than complete implementation is due to the lack in EvE of several key market participants: liquidity providers, brokers, dealers, exchanges (I am talking of non NPC operated ones). Therefore I have to play some roles myself and give other roles to other players. They are indeed advanced players but I can't demand them to really setup their own brokerage and re-quote stock for their own customers. Or, in case of ETF, I can't pretend to have them buy immense "creation units"
.
In the current iteration a market maker (MM) is similar to a public bond market maker: they front buy a large amount of shares at discount and then place them in the same secondary market along with everybody else. Their revenue comes from the discount that let them resell. In fact this is a cause of the typical initial 10% dip in those securities right after launch.

If I'll see enterprising people willing to become a true MM then I can change the current implementation to suit them, but I see this as highly unlikely. The typical large EvE Investor just wants to dump huge heaps of ISK onto something pseudo-automatic, not to get crazy managing his own sub-market.

Thanks, VV, for the clarifications offered above. You have wisely chosen areas in which to taylor your market infrastructure to suit the EVE application. Even in it's abbreviated form, the project is a very ambitious undertaking. Good luck with your final preparations and I look forward to the project's launch!

Got a question.

What's a "sale fee" for closed-end funds and why is it different across funds (4% for PI and T2, 3% for ice, 2% for minerals)?