That&#x27;s a pretty weird example, because that is the _only_ stock that trades at $200,000&#x2F;share.  Such a high price forces away liquidity intentionally, because the capital requirements of even 1 share are larger than most futures contracts.  For most individuals it is more like buying a house than a stock!  As a result, there is a NYSE employee (I forget the title, maybe DMM?) on the floor which _manually_ matches buyers against sellers.  Other exchanges I believe still match electronically.<p>Aside from that, how does your statement relate to inventory risk?  Market makers and grocery stores take on inventory risk.  An absence of market makers in BRK.A* would only show that nobody wants to take on that risk.  It does not change the role of the exchange.  Exchanges facilitate matches, they are not a counterparty.<p>* which is not actually true, see <a href="http:&#x2F;&#x2F;batstrading.com&#x2F;bzx&#x2F;book&#x2F;BRK.A&#x2F;" rel="nofollow">http:&#x2F;&#x2F;batstrading.com&#x2F;bzx&#x2F;book&#x2F;BRK.A&#x2F;</a> during market hours and you&#x27;ll find active quotes at a 2% spread.