 Okay, good morning traders and welcome to the book map pro trader webinar series today for December 11th. We have Enrico Stuckey. He is both stocks and futures trader. And he's got a really excellent performance here he is in Italy. And there, he was, he wanted to of course show live market examples. Unfortunately, he won't do to some of the coven and impact on the connections over there so he's going to be showing the static presentation but you guys really this there's a lot of information here, it is excellent. I can't wait to see what he's going over he's going to be looking at larger players commitment of traders and really go into depth here and then show examples of that using book map. Okay, so it should be excellent. And not only should be excellent for today. There's so much material that Enrico has put together that we're going to include this a part two on Tuesday. Okay, so that's going to be the plan here. This is basically part one. Alright, so I'm looking forward to both parts here. Quite a bit let me go through some risk disclosures and a bit of news and then we'll get started right away with with Enrico. The general disclosure all book map limited materials information and presentations are for educational purposes only, and should be should not be considered specific investment advice nor recommendations live trading is in simulation demo paper trading mode, and strictly for educational purposes live trading executed in simulation cannot accurately represent realistic trading performance risk disclosure trading futures equities and digital currencies involves substantial risk of loss and is not suitable for all investors. An investor could potentially lose all or more than the initial investment risk capital is money that can be lost without jeopardizing once financial security nor lifestyle only risk capital should be used for trading and only those with sufficient risk capital should be used for trading. Past performance is not necessarily indicative of future results. Alright, a little bit about Enrico. He started his his career as a part time trader in 2002, working for large telco company in 2009 he decided leave his job and become a professional trader. Quite a quite a risk to take. And you can see that he's been quite successful with it uses a quantitative approach to determine specific edges in the market currently he's managing proprietary trading firm with diverse diversified strategic approach, automated systems and quantitative investing Enrico combines his quantitative methods together with order flow and liquidity analysis from book map to support his trading decisions. He is classified as a larger trader by the CFTC. And if you're interested in reaching out to Enrico, you've got his email here, his Facebook page, and there's some special offers from book, book map from Enrico, their longer term options or offers. So, I'll put this link into the chat for you. I'll follow this information here so you can reach out to Enrico, and one more element here or item is that the other is a special on book map with a coupon code I put it into the chat there for you. It's basically good through Sunday it's 50% off for the first month of global or global plus name is only monthly and use this coupon code here. Now we're going to offer it again on Wednesday. The reason that we, I'm offering it to you now is perhaps you're interested in book map right now, and I can extend that to you now with this coupon code. All right, so let's, let's get started I'll give the presentation here to Enrico, and we'll take it away. Okay. Just a quick audio video test do you. Can you hear me, you copy. Yep, you sound great. A little bit in, I guess, a distant using I guess computer microphone. Yes, yes. Okay, no, no problem we can hear you just fine. And the desktop looks great. We were looking at the, let's get started. So, which screen, what do you, what do you see the. Yeah, the let's get started connecting to go to webinar has a green on the top there. Okay, but I cannot understand which screen can you can you see now. Yeah, I see your mouse, moving. Yes, but I want to share another screen. So, did you see Google Chrome, or just a mouse. I'm looking at Google Chrome. How can I change my screen. Okay, let's see here. Okay, okay, maybe. Now, now I see Enrico Stuckey in your book map presentation. Okay, do you see the, the presentation mode or the structure mode. I see the presentation mode. So full screen. Correct. So, good. Sorry for this. Good morning, everybody. Good afternoon here in Europe. Good afternoon to our Italian friends. And this is basic the summary of what we are going to talk about today. But before starting, I would like to apologize for my broken English. That's my first webinar in English. It's going to be very boring and even irritating to listen to someone who doesn't master the language and devastates and destroy grammar and pronunciation and you has got a very narrow vocabulary like me, but please forgive me be patient because I hope that the skill and the quality of the topic in itself wouldn't be no worse than my linguistic. Anyway, Bruce speaks a perfect Italian so he can help me interacting with me and supporting my language deficiency if necessary. Okay. I would like to deal with two macro topics. One, the first one is just a little bit more theoretical. And the second one, this one, can you see my, my mouse. Yes, yes. The second one is more practical. I know that many of you would want to go to move directly to the practical one. Maybe they are hoping that I can bring the Holy Grail. That's not the case. And I think the most of the value is in the first topic is the theoretical one. Because I never heard anyone talk about this topic in trading education, so it could be new, maybe. So we have a lot on in our plates today. So let's start. The first topic is that I would like to talk about is regarding strong hands, institutional traders, smart money, big money. And I tried to show you who are those guys, what they need, how they act in the market. And the second part, I'd like to show the second part, maybe we are doing next Tuesday. I would like to show how to trade Nasdaq future looking on the charts and liquidity levels of Apple and Microsoft stocks. Because in my humble opinion, they are much cleaner, sharp and more readable than that on NQ future. Okay. So the second webinar I take for granted that you already know how Bookmap works. So the enormous edge and inside that you can extract using Bookmap instead of common trading platform. If not, I recommend you to take a look at the huge and high quality amount of material that is available in the Bookmap channel in English that Bruce has prepared in those years. In Italian, there is available the recording of my webinar made on February 25th this year. And also some videos in my YouTube channel that is called trading con le palle. So if you are Italian, make a Google research in YouTube, trading con le palle literally means trading with the balls that can sound just a little bit rude. Excuse me for that. Okay, let's start with the first topic right away. And let me use this metaphor. That's a very famous sentence of Lincoln to understand why it's so important to spend time learning the context. So which player are on the battlefield before starting playing pressing sorry buy or sell button. Because usually we do trade we do over trade. But we don't understand who are the people we are fighting against, who are our enemies, who can be our allies in that battle for it. Remember that the market is not a playground is a battle ground. If you want to survive is better to learn this before the button starts. Okay. All traders know the strong and institutional traders smart money big money, but no one, not everyone has understood who this subject really are. So many believes that this these people are sharks that are feeding on the losses of retail traders. And so they spend their day hunting for hours of losses. That's not really true, because the strong hands don't play the trading game against retail trader. Because if you compare you can imagine that the big player like a whale or a whale shark, they can feed on small krill and plankton. Okay, but that's not true because they are starving if you do that because retail traders are irrelevant. So they do not provide enough liquidity for the transaction of institutional operators. So they must necessarily trade with each other. How can you prove it? Can I prove it? Sorry. I'm just looking at CFTC commitment of traders. So the cut report. Okay. What's the cut report? Maybe most of you know very well what is that at the end of every Tuesday trading session. If you own a position larger than a specific threshold. It's called reporting level. You should report to CFTC. Okay, this task is accomplished directly by the brokers or the intermediary. But if you have for the first time a position larger than the reporting level, you are considered as a reportable trader. You must fill the form 40 of the CFTC in order to be classified by CFTC in different categories. This happens only the first time that you cross above the reporting level and at every change in your structure. Okay. In form 40 you have to describe who you are with your structure and should explain the reason why you own the disposition. And this information that you provide with form 40 CFTC classify you as five traders in different categories. This is the kind of mail that you receive when you do that. And this is the older version of the cut report. This is called the legacy version, which was mainly used for commodity futures because cut report has started many years ago for reporting position of commodity. And here in this legacy report, there are just two categories. One is commercials and the other is non-commercials. Commercial are people involved in physically touching the commodity while non-commercial is also called large speculators. Okay. For difference, you can calculate non-reportable also called small speculators position because small speculators are calculated from total position minus commercial minus large speculators. Okay. Commercial, as I said, as people involved in commodity, so they may be producer, farmer, for instance, for corn or coffee, dealers, processors, I mean for processors I imagine the cracking of oil or crashing of soybeans or extracting soybean oil or soybean oil. And users are, for instance, for coffee could be Starbucks or Nestlé. Okay. So people, the farmer that use and sell those commodity. They use future generally in order to cover the commercial risk arising from commercial deals. Okay. The legacy version remains today the most widely used version of cut report to date. But it's not suitable for use, for instance, in financial derivatives such as future or options in non-index bonds, currencies, because the total speculator for this kind of future is quite obvious, but the commercial is not. So they CFTC has created a reclassified commodity traders and financial traders in TFF report. So the TFF has four different categories that you can find here. Dealer intermediary asset management institutional leverage funds and auto reportable for difference. And also for commodities, they have reclassified because there were some borderline situations so they created different categories. So producer, merchant, processor and users, that's quite clear. Swap dealers is just a little bit tricky, manage money and auto reportables. I don't want to go deep inside the explanation of what cut report is, but you can find the definition here. This is a definition for commodities. So the disaggregated commitments of traders. So producer, merchant, processor user is quite evident. Swap dealer, like I said, is just a little bit tricky. And money manager and auto reportable. You can go deep inside the disaggregated and explanatory note that you can find in CFTC website. I will put the link in the description if you want. Okay, for trader in financial future, we have four categories. And asset manager and institutional is quite clear. Leverage funds is quite clear because they are hedge funds, CTA means commodity trading advisors, CPO, commodity pool operators and asset managers is quite obvious. The first one is the most difficult to understand because this participant are described as the sell side, but they do not predominantly sell future. They sell various financial assets to clients. They have to edge their position against clients and against market. And they are building structured products using vanilla derivatives. So vanilla derivatives, for instance, are future options. And with those vanilla derivatives, you can build more structured products that you can sell to order player in the market. Okay, you mainly large player in the market because usually retail traders don't buy, don't use structured products. But for instance, the swap or order derivatives can be used by those guys. Okay, let's see what you can see in the code report. This is how it's published directly on the CFTC website. This is the code report in some trader information future for ES, E-mini future. Okay, what you can find here, the position of long, so the dealer intermediary are long for 218,000 contracts, short for 519,000 contracts and so on. This is the manager, long, short. This is also spreading position because you can spread, for instance, have longer, shorter calendar spread or such kind of spread trading. Leverage funds and order reportable. For difference, so the total position in the market minus this, this, this, this, and you can calculate non-reportable position. Okay, that's number is very important. Okay, so for instance, non-reportable positions are 10.8% long, so the total long, if you make 100, the total long position, only 10% is owned by non-reportable and 12% short position of the total short position are owned by non-reportable. Okay, and you can see also a very interesting number, the number of trader represented in each category, you don't have this number for non-reportable. If you are non-reportable, you don't have to report, so they don't know how many traders in this category. Okay, but in those categories, you can find the number. So you can see that the total number of traders in this, in on those category are 542. So 542 traders accounts for 88, 90% of the total open interest in the market. And the rest is for non-reportable. Okay, that's a really important number. So this is the picture, the picture of November 17. And this is the movie. So you can obtain a chart with the evolution of the net position in legacy report or in TFF of different categories. For instance, large dust per craters, morse per crater, and commercial. As I said, commercial for Imini, it's a definition that doesn't make sense. So you have to use TFF, so dealer intermediary, asset manager, leverage funds, and other reportable. I don't know if you can see those number, but this is the evolution. So this is the whole movie. Okay. The movie is related to Tuesday and the photo report is issued on Friday, at the end of the Friday session. Okay. So maybe I just a little bit old, but useful, believe me. As we saw in the previous report, this one, remember those number, non-reportable accounts for 10, 11, 12% of the total position. But non-reportable traders are not retail traders. Why? Because you have to consider the reporting level. So if you own, for instance, 999 ES contract, you are non-reportable. How can I say that if I have 500, even 100, 999 contracts of ES in my pocket and my retail trader, I'm still a large player. So I cannot say exactly how many retail traders are in the market for years, but for sure is a subset of this number. Okay. Okay. This link, please write it down, because it's very hidden in the CFTC website. So easy to find out. So if you want to know for every future, which are the reporting level uses this link. Okay. But here I can show you the reporting level for different future, for the most common future. For instance, ES 1000 contract. Okay. And Q2000, YM, mini-doujols, 200, Y200, and so on. Okay. Very big reporting threshold for bonds, such as T-notes or T-bonds. Okay. So then ZV 2100. So those are reporting levels for energy future. So if, for instance, you own 100 contract of CL, you are non-reportable, but you are not a retail trader, in my opinion. Natural gas, 200, 18 oil or diesel, 150, and gasoline, 150. Those for metals, 200 for gold, 150 for copper, 150 for silver, and so on. Greens, corn with soybeans, every meal, every oil, those are the figures. Soft commodities. So from coffee, the smallest one with 50 contracts of coffee, coffee is a very heavy contract, or 50 for island juice, 100, 100, 500 for sugar. Okay. Those are reporting level for livestock, lean-o, staff cattle, feeder cattle, 150. Okay. And those for currency future. So, URFX 400 and 400 for the main future, except for New Zealand and dollar index, or Bitcoin becomes very, very little. Bitcoin has a very heavy contract also, the CME, but as the CFE contract has disappeared. Okay. So now we can just have a look to some other cut report in order to understand these numbers, those figure, for instance, this is natural gas and G. And so you can see that no reportable position are from 3 to 5% of the total market. But reporting level is 200. This is crude oil from 2.9 to 4.1% reporting level 350. This is gold, this is iron, 3.8, 11.5, reporting level is 200. Okay. Now, in the report, you can find another number that's here, that the percent of open interest by the largest trader, the largest for trader. Okay. So this is E-mini, for instance, for E-mini, you can see that the largest for players accounts for an average of from 15 to 20% of the EAS market. So just for trader account for a quarter of the market. That's a very important figure to remember. I saw yesterday that Scott Balsini was trading 10% of the EAS market, so a very huge number, impressive. And that's your effects. So that's your effects. You can see that the largest for player accounts from about 20 to even 60% of the market. That's NQ. Okay. The average is 20, 40. So that's the concentration of the player in the market. That's very important number. That's crude oil, crude oil, 20, 35. Okay. The average, let me say 20, 20% of the market for largest player. Okay. I would like to show you another concept. As usually misunderstood in my humble opinion, so at the distribution or accumulation, because in my opinion, distribution or accumulation is a relative concept and not an absolute concept. Because if you do a trade, someone needs to buy, someone else needs to sell. So it makes sense that if one trader is accumulating a position, another one is distributing them. So many traders believe that larger trader distribute their position to retail traders. But this belief is completely false and you can see here. Okay. This is soybeans, for instance. So small speculators, small speculators are those with less than 150 contracts account only for 6% of the market. So here we can see that the large speculators are increasing their positions. They are accumulated net position. Okay. There are accumulated contract on soybeans while commercial are distributing those positions and non-reportable are irrelevant. Okay. So distribution and accumulation. It's a false concept in my opinion because there is only one who is distributing one is accumulating and those players are big. So no retail trader cannot accumulate the position that are distributed by large player. So that's really important. Now you can see also that if you see the contract report that net position are increasing while the price is increasing, you can easily understand the large speculator are earning and making money because the price is rising. They are accumulating the position while commercial are losing money. That's not really true because they are hedging their position. Maybe they are also earning money because the price is rising. If I am a producer or I have to sell soybeans, I would be very happy if the price is rising. So the price is rising. I may be losing money in my future hedging position but I am earning money from my physical commodity that I am selling. So remember that they need that different players in the market are different. So the speculators need to earn money following the price. But a commercial doesn't because they can earn money even if they are at the wrong side of the future because they are losing money here but they are making money on the other side, the physical side. Okay, now let's see a very important question. Do strong hands make money every day? That is a legitimate question that may arise. Okay, maybe, but you know that retail traders usually lose money. Statistics are clear, 75% during a quarter, 90% over one year and 99% at the average, more or less over a three-year period. So we don't know if large players are making money. Maybe you have heard the story of virtual financial. Virtual financial is a large HFT, one of the first HFT that arrived in the market. Let me say 10, 20 years ago, it can be remember. So in the first five years of activity, they told they had just one losing day. So they did really better than me. So now the competition is stronger and so HFT are not so profitable than before, but anyway, you can see that strong hands usually earn money. You can see here in those figure because sometimes they lose money. For instance, here they are losing money on interest rates, future or interest rate derivatives here and credit derivatives, but usually they are earning money on commodity, credit, equity, or X and so on. Okay, this is the only official figure that I found out in, you can find in the OCC publications, government publications are quite important. Now you can see that, for instance, in derivatives markets, four banks dominate the derivative markets because they are really relevant. Okay, all of their banks top four. Who has this guy? JP Morgan, Goldman Sachs, Citibank, America, and so on. Okay, here we can find official statement of Morgan Stanley, the second quarter in 2020, earning results, sales and trading net revenues up 68%. Okay, they earn money. Air Force, trading revenues starts at Goldman Sachs, JP Morgan, Morgan Stanley, JP Morgan, so the big player usually earn money. And central banks. Don't forget that you have to fight against central banks. That's Bank of Japan, for instance, but also Bank of Switzerland, Swiss Bank, or FED, or even ECB are buying stocks and ETF, for instance. So they are really large player in this market. Okay, so the famous scientists don't find FED. Okay, what conclusion we can draw from figures that we have seen. The first conclusion that is that retail traders are insignificant in the future market. So, in my opinion, it's better to try to understand how big players act in the market and try to anticipate and follow the smartest guy in the market. One other suggestion is you don't have to think like you usually do. Don't think as a retail trader. Don't put your stop loss just under one tick after the low or one tick top on the high, because that's kind of trading doesn't work. The majority of retail traders do that and they lose money. So do not act as a retail trader. Remember that different player in the market equals different needs. Remember, someone is speculating, someone is edging, and they have different time and reason. Horizon, we can see this in a while. So, who are the different players in the market arena? The biggest sovereign funds, private pension funds, mutual funds, passive funds such as ATF, ATN, ATC, endowments, this doesn't exist in Italy that our university endowments doesn't exist in the US, the EV League, university are very, very important. We can manage a huge amount of money. Hatch funds, CDA, monitoring advisers, commodity puller operators, prop trading desk, very important, merchant bank, HFT, market makers. We can see what a market maker do in the market and dealer intermediaries as classified by CFTC, so people who is building structural derivatives products for over the counter or for managed saving products. Or can they can use future also and option to edge the risk arising from their position against market or clients. Okay. Sorry, just a little bit of water. Okay. So my suggestion is trying to be like a remora. What is a remora? It's a small fish that lives in symbiotic, in symbiosis with a shark. The remora, its sharp scraps of prey dropped by the shark. And this is protected from predators. And it benefits for free transportation through the ocean. You cannot move the market. So you have to follow people who is moving the market. Okay. That's the sense of this sentence. So my suggestion is not try to think like big players too. Usually they call retail trader as double money and smart money for big traders. Okay. Remember that big traders need to buy or sell a relevant position. We usually buy or sell just one lot, one contract, two contracts, but they have to buy or sell hundreds, a thousand contracts in a day or even in an hour. So they cannot act as we do. And you have to understand that because we can follow the flow of those guys that are moving relevant position. They cannot accumulate and distributing those position in a single trade. So they need minutes, hours, or even day for buy and sell in the position they want to buy or sell. Usually they try to hide their movement using what? Algorithms and strategies. For instance, iceberg orders. They don't want to be in the book. They want to stay in the book. They want to play hidden using the iceberg orders. But if you have trained eyes and if you have the right tool like book map, for instance, you can see because with book map you can see icebergs. That's really important. And remember that big players prefer to buy and sell in liquid and slow markets because they prefer to trade where trades are facilitated. So where? In balanced market. What is a balanced market? See what auction market theory is. If you don't know what action auction market theory is, use Google. Very important. I really like auction market theory. One of my favorite theory about market mechanic. They play during cash sessions and they play at liquid levels. That's very important. Why? So important to have a tool like book map because you see liquid levels, the more liquid levels. And they trade in the most liquid hours. So during the session, the cash session, the most liquid hours are open, closed and settled. Remember that. Okay, that's the essential of auction market theory. You have a balanced market where the price spend a lot of time so they can accumulate and distribute because here they are accumulating and distributing a large amount of volumes. This is the low volume note. This is our high volume note. In the low volume note the market is imbalanced. Okay. And the price usually moves very, very quick in imbalanced market. They don't want to spend a lot of time in balanced market. So volume are little because the time that you spend in imbalanced market is limited. Okay. Now I don't know how many time we have got. Okay, let's keep this. For instance, a pension fund needs to buy 10,000 years future. The market value is approximately $1.7 billion for 10,000 future. And that's to carry out this transaction to JPM or order broker at the best possible price before 12 a.m. Okay, remember that yes, average volume during last 30 days has been 1,600,000 contracts. So 10,000 countries just 0.62% of the total daily volume. Okay. Remember that average BBO best bid offer levels in U.S. during regular time hours is 120 contracts per side. So if you buy just with just 1,000 to 8,000 contracts with a buy and sell market, you can sweep 30 or 40 levels. Okay. Remember that the 300 big expansion fund have approximately 20 trillions of assets under management. So a 10,000 counter that can be considered as a huge amount of money is just 0.08% of the total market value. So it's peanuts. Okay. But this is for instance the impact on the market with a single to 8,000 to 10,000 contracts. Here we can see this is community order book, community order book is the order book that you have to cumulative every single level. So, okay, you can see that if you want to buy or sell 10,000 counter will sweep about 30 or 40 levels in the book. Okay. Here we cannot, you cannot see iceberg orders because in the current order book, you don't see iceberg order. But anyway, you can quite evident that you cannot put a 10,000 market order or even to put a buy limit order of 10,000 contract here. Okay. You cannot buy a 3,000, 6,000 with a limit order of 10,000 contracts. It's a huge amount of money. So you have to distribute this order in different trades. So, that's why algos exist. Remember that the majority of algorithms active in the market are execution. They are called execution alpha or max execution. So those algos are not in charge of the decision if buy or sell or how many contracts to buy or sell or when. They are not the classic trading system that we as retail trader are using. I'm using trading system for deciding if buy or sell. But those algos are not my trading system, my stupid trading system and something more sophisticated. Those algos are not HFT. So they are programmed to buy or sell a predefined number of contract in a predefined time window. That's possible average price. So the simplest execution alpha are called view up. So volume weighted average price. That's the same name of the indicator that you can find the platform. But this is the logo, not the indicator. Or another is WAP, Time Weighted Average Price or POV, Percentum Volume. What they do? These algos are programmed in order to buy a defined amount of money in a defined time window. They are trying to buy, for instance, at a price lower than the view up of this time specific time window. For instance, from 3 p.m. to 4 p.m. I have to buy 10,000 contracts. If I am buying below the view up, my algos is effective. If I am buying above, my algos is not effective. Those algos are also available with some brokers such as Interactive Broker and other premium brokers. If you go deep inside of this topic and suggest those links. It would be very interesting if you want to understand what an execution alpha algo is, how they act. For instance, here we have best execution alpha. They are provided by Natixis. Natixis is a French farm. They provide those algos to their customers. So view up, view up, participate, target close, etc. Maybe you cannot read here, but we can find the strategy objective, how they are used, the main parameters, typical order example, and main behavior. You can go deep here if you want to download this document. Very, very interesting in my opinion. Okay, we are finishing. So different needs. Remember that we play different needs, because some of them are speculating, but also arbitrage. Because remember, for instance, that the main backbone, internet backbone then has been built in the United States, connecting Chicago to New Jersey has been built for this. The arbitrage between S&P 500 and the basket of 500 shares stocks in New York Stock Exchange. They can hedge, because a lot of players must hedge the variability of price for commercial transactions, such for instance for commodities. Producers and users use futures for that. Or maybe you can add a stock portfolio with futures and options. So you are long for a stock portfolio and you can hedge this position shorting futures when the market is moving against. Or you can add an option position. Okay, for instance, you are an option seller, and if you're an option seller, you have got a big risk. So you have to hedge the position is the price go against you. Another possibility is to be a spread trader. So a calendar spread, for instance, so I buy for instance natural gas in January and I'm selling natural gas February. Or long, yes, short NASDAQ, long BTP, this Italian 10 years bond and short boom to German one or Lousy ZN against ZF, so five years US, yes, 10 years. Or market making. So some player are just there for market making. So for providing liquidity, they are paid for providing liquidity, and also block traders block trader and BTIC basis trade a thickness close and they are liquidity provider for buy and sell the market is close. You can find here at CME explanation of that. We may have a different time horizon, for instance, an HFT has a very, very short time horizon market maker also a scalper also very, very short time frame time horizon, the trader to close the position before the close of the session. For instance, hedge funds, CPA, CPO, time horizon asset manager, pension fund and long time horizon. So when they comes into the market, they have different time horizon so they have different needs, so they have different way to trade than retail. Remember, if, if I'm hitting, for instance, they buy key, the buy, if I'm pressing the buy key on my platform. Maybe I want to open a long position, or because I have an upside view of the market, but not necessarily maybe I can cover a short position because I'm losing money so I'm taking my stop loss or I'm taking my take profit. Maybe I had just a portfolio, maybe I'm hedging as a position in a sell position in options, or maybe I do spread trading around trash. Okay. Do we have just one other minutes for market makers, Bruce. Yeah, absolutely. So two words about market makers, because market maker have an impact on our trades. Market making is an activity where a trader, a trader, a big institution, obviously, simultaneous provides liquidity to both buyer and seller in a solution market. They earn money from spread because they put limit order so they can buy at the best speed and sell the best offer and they are earning this difference and they are earning from rebates and from exchange fee. In some market, there are official market makers, also called specialists, and they are subject to some rules. They have to have a maximum spread, minimum size, minimum time in market. They have to be in both sides of the market so they have to stay in ask or in bid. These rules are established by the exchange, but there are also unofficial market makers that could be present everywhere. Market maker love sideways. They prefer to stay in balanced market because if the market moves quickly, they can lose money. So the risk increases in volatile and in balanced markets. So they can disappear from the market when the market is in imbalance. So what happens if they disappear, the volatility becomes more and more volatile. The volatility increases because they are disappearing so the book is less liquid. So that's really important to understand when they disappear. So to understand when the bid and offer are decreasing, the size is pulled by the book. So very, very important to understand because the market can become very, very quick when they disappear. For instance, when usually they disappear, stop runs occur. We'll see stop runs in the next webinar with some examples. Usually in crypto exchange, you pay if you are a market taker. So if you hit the bid or if you lift the offer, why you are paid for market making. So if you stay in the book, you're paid if you are hit by an aggressor. This is extracted from CME education website. So market makers are those guys, a bit of a short-term oriented and they earn from spread while market taker usually are traders, investors and so on. Just we can see here how much they are paid. Okay, this is for instance the rewarding program of CME for be a market maker in T-Bot. So you have to stay 60% in the market, you have to provide different categories, 10, 20, 30 or 40 contracts per side. Okay, and you obtain those wavering discount or incentives. Okay, so you can understand how market maker act in the market. Okay, I finished the second part is the more practical one, how to trade Nasdaq, looking at Apple Maxus, but there is not time enough. So if you have some question, I am here to answer. Otherwise, we can answer in my email or the next webinar or in the comments in YouTube. Okay, yeah. Thank you, Enrico. It was just excellent. And really, one of the best presentations I've seen on giving details on and all consolidated here in one presentation of the market players and really what's going on within these markets. This is really invaluable for us as traders to understand this distinction here and you've put it all together for us. So thank you very much. Looking forward to the second part here and some of the practical uses with Apple and Microsoft where we'll see the rubber, you know, meet the road here. That will be on Tuesday, everybody at 10am. This will be open to all. So I'll put the webinar links, etc. I'll create them and disseminate them via email, etc. You will get the links, etc. for for this so that you guys can come to this part two of Enrico's presentation. Let's see. Lots of thank yous and excellent materials here from from users or attendees here. And then a question regarding the links. And I don't know how you feel about this, Enrico. The people are asking for all the different links if you were willing to share your presentation or at least put maybe together a document or I can help you with that on all the different links here. So that you put in the comments on YouTube channel separate indicating the number of the slides so they can easily repair that. Okay. Okay, yeah, that would be that would be excellent. So we'll put put something together, not only in the YouTube but maybe we can have a separate separate document, etc. For the email that I'll send out on this weekend on Sunday so everyone look for the email on Sunday. I'll send out for this second presentation on Tuesday for for Enrico. I think that's it. All these other questions here. Hold on a minute just a string of them coming in right now. Lots of lots of thank yous with audio. Everything was was was excellent. And your English as well. No, this is the painful part of the weather. Well, you know, I certainly do not speak perfect Italian, as you know, but I did appreciate that comment. So let's see here, a question. The same accent of Mario Draghi. Let's see Tom is asking a more detailed question here. Let me just take a quick look. I've wondered if you'd speak about the CO2 report and how it helps you treat yet Tom he's going to get to that in part two. Okay. He's going to show practical uses under this. This is where it's going to be really fascinating. You know, and Rico shared this with me earlier just to get an overview of his presentation. He's going to show practical examples and he's going to apply all of what we did. He just went through to book map order flow. So you're going to be able to see it, you're going to be able to use it. Like I said, I've never seen anything like this in terms of presentation breaking it down like this. So, very, very nice presentation. He's done a lot of work and put it together for us, and a nice little package, which is, it's hard to do. It's hard to find all this information together like that. All right. So I think, I think that's it then and Rico I don't think there's anything else. Yeah, because we are speaking on next Tuesday, so I can wish Merry Christmas next Tuesday. Excellent. Excellent. We'll see everyone on Tuesday. Thank you again and Rico. Okay, ciao. Ciao.