# Internalization versus Externalization
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## 2022 Alexander Barzykin [Algorithmic market making in dealer markets with hedging and market impact](https://arxiv.org/pdf/2106.06974.pdf)
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 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
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- 2019 [FX trade execution: complex and highly fragmented](https://www.bis.org/publ/qtrpdf/r_qt1912g.pdf)
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# Parents
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* eFX execution algos⏎