AI 中文总结
研究电子场外做市，开发随机控制模型，将询价胜率等通过流闸反馈到未来流，权衡即时价差与长期价值，策略在声誉建设和特许权货币化间交替，能产生多个稳定客户流状态。
AI 中文摘要
电子场外流动性供应不仅受下一个报价价格影响，还受交易商在客户和平台上的累积声誉影响。我们开发了一个随机控制模型，其中询价胜率和流填充率通过基于绩效的流闸反馈到未来流中，在即时价差捕获和长期特许权价值之间形成明确权衡。由此产生的策略在声誉建设活动和特许权货币化阶段之间自然交替，即使在一个简约的单一交易商控制问题中也能产生多个稳定的客户流状态。
英文摘要
Electronic over-the-counter (OTC) liquidity provision is increasingly shaped not only by the price of the next quote, but also by a dealer's accumulated standing with clients and platforms. We develop a stochastic-control model in which request-for-quote (RFQ) win ratios and streaming fill ratios feed back into future flow through performance-based flow gates, creating an explicit trade-off between immediate spread capture and long-term franchise value. The resulting policy naturally alternates between reputation-building campaigns and franchise monetization phases, and can generate multiple stable client-flow regimes even in a parsimonious single dealer control problem.
