## 2022 Alexander Barzykin [Algorithmic market making in dealer markets with hedging and market impact](https://arxiv.org/pdf/2106.06974.pdf)

 The model displays an important feature **well known to practitioners that within a certain inventory range the market maker internalizes**
the flow by appropriately adjusting the quotes and starts externalizing outside of that range


- 2019 [FX trade execution: complex and highly fragmented](https://www.bis.org/publ/qtrpdf/r_qt1912g.pdf)