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Marketmaking Middlemen * This paper develops a model in which market structure is determined endogenously by the choice of intermediation mode. We consider two representative business modes of intermediation that are widely used in real-life markets: one is a middleman mode where an intermediary holds inventories which he stocks from sellers for the purpose of reselling to buyers; the other is a market-making mode where an intermediary offers a platform for buyers and sellers to trade with eachdoi:10.2139/ssrn.2820604 fatcat:lyi4guwhdbajreqs644s67y7om