👉 The securities fluid, often referred to as the SEC's "market-making" or "order flow," is a critical concept in financial markets that describes the continuous stream of buy and sell orders for securities, such as stocks or bonds, in real-time. This fluid represents the collective actions of various market participants, including institutional investors, hedge funds, and retail traders, who constantly place and cancel orders to facilitate trading. The securities fluid is essential for maintaining liquidity in the market, ensuring that securities can be bought and sold quickly and at fair prices. Market makers use this information to adjust their bid and ask prices, providing a stable environment for traders while also contributing to the overall efficiency and depth of financial markets.