A market maker is a financial institution or an individual who is willing to buy or sell a specific financial asset at any time. Market makers help to maintain liquidity and efficiency in financial markets by buying and selling securities, currencies, or other assets at quoted prices. They are typically used in the foreign exchange market, where they stand ready to buy and sell currencies at any time in order to ensure that there is a liquid market for those currencies. In return for providing liquidity, market makers earn a spread between the bid and ask price of the asset.