They meet in a secret underground cave, talk in Pig Latin and use Dick Tracy decoder rings.
What mm's do is match-up buyers with sellers. They don't speculate on stocks and they don't manipulate the prices. If they did, out of all the thousands of equities in the world, why would they choose to manipulate the price of a tiny little company in Iowa that sells a little salmon now and then and which almost nobody in the world pays any attention to?
Obsessing on level 2 and spending all day writing about it on Ihub is a total waste of time unless you are trying to convince someone else that they should slap the ask because once we cut through the inventory of just one pesky seller, we're going to the moon. Yeah, right.
“Not everything that can be counted counts, and not everything that counts can be counted.” Albert Einstein