medium · Market Microstructure hft

Options market makers are net short gamma on a stock. If the stock price begins to fall rapidly, what is the effect of their delta hedging activity?

  1. They must buy stock, which stabilizes the price.
  2. They increase their bid prices sharply to attract more buyers.
  3. They must sell the stock, amplifying the price decline.
  4. They take no hedging action at all until the option contract expires.

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