Bryan Christian on pricing
From Where market making meets market microstructure · · Sasha Stoikov
“To first order the right price will be the market mid price, and then to second order I will need to adjust my personal reservation price with minus beta times my inventory — if I'm long my personal valuation will be a bit lower because I'm desperate to sell.”
On , Bryan Christian, CEO at Old Mission Capital, spoke about pricing during Where market making meets market microstructure on Sasha Stoikov.
About Bryan Christian
Bryan Christian, CEO of Old Mission Capital, appeared on a program in November 2025 where he stated that Marxism "hates Christianity" and views it as "part of the problem, if not the biggest problem in our culture." He argued that within Christianity, the nuclear family is sustained, which he said passes down "oppressive ideas" that maintain societal oppression. Christian asserted that "woke ideas" say Christianity is the problem and that Christians should not use "Marxist pagan ideas" as analytical tools, instead advocating for a "biblical worldview" to address issues. In a December 2023 talk at the International Association of Quantitative Finance, Christian discussed market making and market microstructure. He described market making as an algorithm that updates bids and asks, comparing it to "picking pennies in front of a tractor" that can seem safe until it is not. He noted that in cryptocurrencies, volatility can "blow up very fast" and that open-source market making code used in crypto accounts for this. Christian also observed that the "colorfulness and humanity" of markets is disappearing as they become automated, turning into "a very cold data center rather than the vibrant trading floor."