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The continuous-time version of Kyle's (1985) model is studied, in whichmarket makers are not fiduciaries. They have some market power which theyutilize to set the price to their advantage, resulting in positive expectedprofits. This has several implications for the equilibrium, the most importantbeing that by setting a modest fee conditional of the order flow, the marketmaker is able to obtain a profit of the order of magnitude, and even betterthan, a perfectly informed insider. Our model also indicates why speculativeprices are more volatile than predicted by fundamentals.

Strategic Insider Trading Equilibrium with a Non-fiduciary Market Maker