Finans
Jobber Marji (Jobber's Turn)
İngilizce: jobber's turn
Türkçe Tanım
Bir jobber'in ayni menkul kiymet icin verdigi alis (bid) ve satis (offer) fiyatlari arasindaki farktir; principal olarak ustlendigi envanter ve fiyat riskinin karsiligi olan kar marjini olusturur. Fiyat farkinin genisligi, ilgili menkul kiymetin likiditesi ve oynakligiyla dogru orantili hareket eder; likit olmayan bir kiymette marj genisler, cunku jobber pozisyonu elden cikarma riskini daha yuksek fiyatlar. Bugunku alis-satis makasi (bid-ask spread) kavraminin dogrudan atasi olan bu marj, bir piyasa yapicinin islem maliyetini nasil fiyatladiginin ve gorunmez islem giderinin nereye yerlestiginin erken bir ornegidir.
English Definition
The difference between the bid and offer prices a jobber quotes for the same security, constituting the profit margin that compensates the inventory and price risk it assumes as principal. The width of that gap moves in direct proportion to the security's liquidity and volatility; in an illiquid security the margin widens, because the jobber prices the risk of unwinding the position more dearly. As the direct ancestor of today's bid-ask spread, this margin is an early illustration of how a market maker prices transaction cost and where the invisible cost of dealing comes to rest.