In this paper, we consider the relationship between the equilibrium spreads 
and the liquidity supplier's risk aversion coefficient, 
which represents the degree of risk aversion in a limit order market 
and a dealer market. Thus, we analyze which market is more liquid, 
the limit order market system or the dealer market system. 
It is concluded that the spread in a limit order market is not necessarily narrower 
than that in a dealer market, i.e., market liquidity depends 
on a liquidity supplier's attitude to the risky asset.