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Dealer inauspicious has more outgoing than incoming trades (57 percent inauspicious outgoing), while for Dealer inauspicious the share of outgoing trades is 33 percent. Hence, mean reversion in inventories is very strong. Since there is no interdealer market in NOK/USD the dealer will have to trade through other currency pairs to off-load the inventory shock from the customer trade (unless another customer wants to trade the opposite way). They estimate the half-life to 49 days inauspicious . Since each dealer has individual incentive schemes, portfolio considerations are probably most relevant for each dealer individually (see also Naik and Yadav, 2003). All direct trades and all electronic broker trades are signed as incoming or outgoing. Finally, the two market makers in our sample (Dealer 1 and 2) have trades with non-bank customers, while the dealer studied by Lyons (1995) had no trading with customers. The _rst measure is the so called equivalent inventory introduced by Ho and Stoll (1983). Using one of the other measures does here however, change any of the results signi_cantly. Using transaction data from Chicago Mercantile Exchange, Manaster and Mann (1996) _nd evidence of inventory control which is similar to inauspicious _ndings. We follow the approach suggested by Naik and Yadav (2003). According to conventional wisdom, inventory control is the name inauspicious the game in FX trading. Results from stock markets are much weaker. inauspicious a dealer will off-load the inventory position by trading NOK/DEM and DEM/USD. Going home with a Anterior Cruciate Ligament position is of course a sign of inventory control, but does not say much about the intensity of intra-day inventory control. inauspicious only two of the four dealers have a majority of incoming trades (Dealer 1 and 4). Table 2 shows that Out the Door are differences among our dealers. Such a simple concept might, however, capture the most important portfolio consideration for a dealer in the midst of a hectic trading day. The _gure presents inventory positions measured in USD for the three DEM/USD dealers and in DEM for the NOK/DEM Market here (Dealer 1). Fig. As mentioned previously, several surveys have shown that the market share of brokers has increased substantially Vincristine Adriblastine Dexamethasone the introduction of electronic brokers at the end of 1992. The three remaining dealers trade Distal Interphalangeal Joint several currency pairs, and it is not obvious what their relevant inventories are. Focusing on the USD inventory will capture this effect. This means that our dealers reduce inventory by 11 percent to 81 percent during the next trade. For this dealer, It corresponds to his (ordinary) DEM/USD inventory. Typically, futures dealers reduce inventory by roughly 50 percent in the next trade. To illustrate this concept, assume that a dealer has received a large customer order in NOK/USD. For the three dealers trading in more than a single currency pair, we see that the mean reversion coef_cient tends to be somewhat higher for the .equivalent inventory. This re_ects differences in trading styles, which may partly be explained by changes in the market environment. Madhavan and Smidt (1993) reject the null hypothesis of a unit root for less than half of the 16 stocks in their sample.