Identifying Market Participants in Equity Markets

In the context of equity market structure, understanding the roles of various market participants is crucial. These participants interact within the markets to facilitate trading, provide liquidity, and determine asset pricing. Among these participants, there are institutional investors, retail investors, and proprietary trading firms, each having distinct characteristics and objectives.

Which of the following market participants typically has the primary goal of maximizing trading opportunities within the market by utilizing their own capital for speculative trading?