In the framework introduced by Kyle (1985, Econometrica) we discuss the equilibrium pricing of risky assets when the agents are asymmetrically informed. An agent with private information, e.g. an insider or an investment bank with a good research division, strategically chooses her trades against prices quoted by competing market makers. In equilibrium prices depend on the volume and we discuss various liquidity parameters depending on the risk aversion of the agents. If time permits, we will also analyse what happens if there is also default risk for the risky asset.