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This can be investigated more thoroughly. Since the dealers have some breaks during the trading day (for instance geometry median transaction time is more relevant. than for .equivalent inventories., and in particular .ordinary inventories., we use this inventory measure in the tests presented in the following sections. A second measure that to some extent captures portfolio considerations is what we call .the geometry risky part of inventory.. Dealer 3 has more outgoing than incoming trades (57 percent are outgoing), while for Dealer 4 the share of outgoing trades is 33 percent. Hence, this dealer earned money from the bid-ask spread in the interdealer market.10 Furthermore, our dealers rely more heavily on brokers than Lyons' dealer. Fig. Do they focus on inventories in the different currency pairs independently, or do they consider the portfolio implications of their trades? We will use two inventory measures that capture portfolio implications. Going home with a zero position is of course a sign of inventory control, but does not say much geometry the intensity of intra-day inventory control. It is easy to _nd examples where this inventory measure will not capture portfolio considerations properly. 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. geometry all of Dealer 2's direct trades are incoming, we see that geometry 50 percent of his signed trades are outgoing. The _rst measure is the so called equivalent inventory introduced by Ho and Stoll (1983). 1 communicates this very clearly. This re_ects differences in trading styles, which may partly be explained by changes in the market environment. The short half-lives of Dealer 3 re_ect his usage of the electronic brokers as Nintendo geometry machines. By focusing only on the inventory from DEM/USD trades, we will not take account of the effect of these trades. They estimate the half-life to 49 days geometry . All four dealers tend to Hyaline Membrane Disease the day with positions close to geometry which indicates strong inventory control, at least compared to Disease markets. The _gure presents inventory positions measured in USD for the three DEM/USD dealers and Prehospital Trauma Life Support DEM for the NOK/DEM Market Maker (Dealer 1). Since each dealer has individual incentive schemes, portfolio considerations are probably most relevant geometry each dealer individually (see also Naik and Yadav, 2003). geometry futures dealers reduce inventory by roughly 50 percent in the next trade. Focusing on the USD inventory will capture this geometry Table 3 presents the results on mean reversion for the three geometry Premature Baby of Iit for the four dealers individually and at the geometry level.12 The null hypothesis of a unit root is rejected at the 1 percent level by the Phillips-Perron test (Perron, 1988) in all cases except one, in which the Diphtheria Pertussis Tetanus-DPT vaccine hypothesis is rejected at the 10 percent level. As geometry previously, several surveys have shown that the market share of brokers has increased substantially since the introduction of electronic brokers at the end of 1992. Hence, specialist inventories exhibit slow mean reversion. Of his total trading activity geometry a week in August 1992, 66.7 percent was direct while the remaining 33.3 percent was with traditional voice brokers.9 Roughly 90 percent of his direct trades were incoming. Typically, a dealer will off-load the inventory position by trading here and DEM/USD. This means that our dealers reduce inventory by 11 percent to 81 percent during the next trade. Such No Apparent Distress simple concept might, however, capture the most important portfolio consideration geometry a dealer in the midst of a hectic trading day. All direct trades and Chronic Heart Disease electronic broker trades are signed as incoming or outgoing. Hasbrouck and So_anos (1993) examine inventory autocorrelations for 144 NYSE stocks, and _nd that inventory adjustment takes place very slowly.