The Market Making Arm sits at the centre of the exchange. Each of the five teams is given a basket of assets to make markets on, and on every asset three market making teams compete head to head.
Teams have full freedom over how they quote. A team can submit an autonomous algorithm, run a manual desk through a screen interface that lets them dial in a spread and mid-price, or combine the two.
Market makers earn the spread but pay the price for being slow. If their quotes lag the live market, fast market takers will arbitrage them against the underlying.