MM Senior Analyst Sleeves

Coming from SM land where each senior guy has 6 positions on at any given time max, what do these MM analyst sleeves usually look like? Is it a fully fleshed out portfolio with fixed GMV within the broader pod (i.e. the senior analyst has to think like a PM and has full discretion over positions) or is it like SM world where it’s just a construct of comp and the senior PM can still blow out of your positions and reduce your GMV “managed”.

In general, I’m wondering what the terms of these MM analyst sleeves are and how much autonomy there is.

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