The Walter Ludwig GmbH Wertpapierhandelsbank operates as a specialist and “Market Maker” for the retail market and is responsible for the execution of client orders. The firm Walter Ludwig has been active on the market since 1979, is independent and is successfully managed by its sole Managing Shareholder Walter Ludwig and two Managing Directors. The primary task of a “Market Maker” is to observe the markets, implement pricing measures and determine the bid and offer prices for bonds. The Market Maker also has to maintain the liquidity of the market as a whole to ensure active trading. The Walter Ludwig firm has specialised in “Market Making” for the bonds segment with a focus on currency bonds, financials, corporate and government bonds as well as emerging market bonds. In doing so, the firm has established an extremely large and efficient international network. On the one hand, national and international stock exchange centres such as the Frankfurt Stock Exchange have commissioned the Walter Ludwig Wertpapierhandelsbank to determine the exchange prices for them. And on the other, the firm handles the “Market Making” for various OTC platforms. Particularly worth a mention is the fact that up to a certain order size, the Walter Ludwig Wertpapierhandelsbank issues binding quotes for prices, which means that clients can trade at the displayed prices in real-time. This is clearly indicative of the firm’s proximity to the market as well as its high level of expertise in international securities trading. In recent years, Walter Ludwig has expanded his involvement beyond this area and is now an active member of the Bundesverbands der Wertpapierfirmen an den deutschen Börsen e.V. (bwf), the Federal Association of Trading Firms at German Exchanges.