market makers are a dying breed. Most retired. MM depts lose money and shut down. Order get farmed out to multiple markets, ecns, they ricochet back and forth -electronic high frequency trading etc..etc... program trading - what happens? higher volatility - result of the decimalization regulation. No more spreads = no more market makers.
before electronic exchanges market makers had more control. now software farms out orders for faster execution and it can cause price to fall further if selling. The 'market' is a very different beast than it was 15 years ago. Like a bucking bronco compared to a ridnig horse.