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anmeldelser jenny erpenbeck Med en market making-avtale forplikter medlemmer seg til å stille toveis-priser med forhåndsdefinerte minimumsgrenser for spread, ordrestørrelse og kvoteringstid.

piers z kurczaka pieczona w folii Market making er en automatisert prosess som benytter algoritmer for å oppdatere medlemmets kjøps- og salgspriser ved bevegelser i markedet. Oslo Børs tilbyr i noen tilfeller lavere handelspriser til medlemmer som yter denne tjenesten til markedet, avhengig av hvor gode priser og hvor store ordre medlemmet er villig til å vise i ordrebøkene.

Market Making Policies

henge pc skjerm på vegg Oslo Børs will have the following policies in place to comply with MiFID II regulations:

  • Investment firms engaged in algorithmic trading and pursuing Market Making strategies on any Oslo Børs traded equity, derivative and equity-like instrument will be required to enter into a Market Making Agreement with Oslo Børs. 
  • Oslo Børs will offer Market Making Schemes on the following liquid instruments:
    • Equities
    • ETFs
    • Equity options and futures/forwards
    • Equity index options and futures
  • Although not a MiFID II requirement, Oslo Børs will maintain its current Liquidity Provider Programme in less-liquid equity instruments to accommodate continuous trading and better order books in these instruments
  • Oslo Børs will introduce ‘Stressed Market Conditions’, during which amended Market Making obligations may apply, and ‘Exceptional Circumstances’, during which no Market Making obligations will apply

Market Making Agreement

  • It is the fire ash download member’shva koster elektrikeren  provider load failure responsibility to notify Oslo Børs of its need to enter into a Market Making Agreement with the Exchange and for which instruments it applies
    • Prior to entering into a Market Making Agreement, Oslo Børs will not surveillance its members’ Market Making behaviour
    • Once a Market Making Agreement has been signed, Oslo Børs will conduct Market Maker surveillance on the instruments covered by the agreement on a monthly basis to ensure compliance with the agreement
    • Orders entered in the member’s capacity as Market Maker must be marked with order attribute type «Liquidity Provision», and must be marked with order capacity «Principal» or «Matched Principal»
  • Market Maker Agreements have a duration of one month
    • Automatic renewal of the Market Maker Agreement at the end of each month for the instruments that have met the minimum requirements during the past month
    • If no instruments met the requirements during the past month, the Market Maker Agreement is terminated
    • Early termination of a Market Maker Agreement by a member or by the Exchange takes effect immediately - the member is free of its Market Maker obligations immediately after acknowledgement of receipt of termination notice
  • Oslo Børs will post a list of members who have signed a Market Maker Agreement on our website, and which instruments are covered by each member’s Agreement. This list will be maintained monthly

Exceptional circumstances

hvordan varme ferdigstekt oksestek The member firms obligation to provide liquidity on a regular and predictable basis, in accordance with the Market Making agreement(s), shall not apply in any of the following exceptional circumstances (adopting the terms of MiFID II RTS 8 article 3, subsequently re-issued by the Commission under reference C(2016) 3523 final):

  1. a situation of extreme volatility triggering volatility mechanisms for the majority of financial instruments or underlyings of financial instruments traded on a trading segment within the trading venue in relation to which the obligation to sign a market making agreement applies;
  2. war, industrial action, civil unrest or cyber sabotage
  3. disorderly trading conditions where the maintenance of fair, orderly and transparent execution of trades is compromised, and evidence of any of the following is provided:
    1. the performance of the trading venue’s system being significantly affected by delays and interruptions;
    2. multiple erroneous orders or transactions;
    3. the capacity of a trading venue to provide services becoming insufficient;
  4. where the investment firm’s ability to maintain prudent risk management practices is prevented by any of the following:
    1. technological issues, including problems with a data feed or other system that is essential to carry out a market making strategy;
    2. risk management issues in relation to regulatory capital, margining and access to clearing;
    3. the inability to hedge a position due to a short selling ban;
  5. for non-equity instruments, during the suspension period referred to in Article 9(4) of Regulation (EU) No 600/2014 of the European Parliament and of the Council.

spill nintendo wii Oslo Børs will as soon as technically possible make public, through a stock exchange notice, the occurrence of the exceptional circumstances referred to in points (a), (b), (c) and (e) and the background for the situation considered to have occurred. The Market Making obligations cease in the period when the exceptional circumstances persist, but repeal of the obligations will not extend beyond market close unless deemed necessary by the Exchange.

komet raswanti machine The resumption of normal trading, after the exceptional circumstances have ceased, will be made public through a stock exchange notice as soon as technically possible. The contractual obligations under the Market Making Schemes will resume 30 minutes after such notice is disclosed unless otherwise specified by the Exchange.

kilo hz to mega hz converter In the event a member firm cannot fulfil the obligation to provide liquidity on a regular and predictable basis in accordance with the Market Making Scheme(s) due to its ability to maintain prudent risk management practices is prevented by any of the instances mentioned in (d) (i)-(iii) above, the member firm shall immediately inform Market Surveillance at Oslo Børs.

Stressed market conditions

sikkerhetskontroll klasse b pdf Stressed market conditions are considered to arise, in relation to a financial instrument, in the following situations:

  1. When a circuit breaker (automatic volatility interrupter) is triggered during continuous trading: The period from the circuit is triggered and until 10 minutes after the re-opening auction call is ended.
  2. When three circuit breakers are triggered in the same instrument during a trading day: The rest of the trading day.
  3. Other events where the Exchange anticipate there will be significant short-term changes in price or volume. In such cases, members firms who participate in a Market Making Scheme will be notified.

Market making matrix

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Issuer products

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 Order capacity: "Principal" or "Matched Principal"

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 Intermittantly on request

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Agreement between issuer and Market Maker

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Bid NOK 25.000 + Ask NOK 25.000
or of comparable size

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 Comparable size*
 Alt. 1: NOK 250.000-500.000
 Alt. 2: NOK 500.000-1.000.000
 10-100 contracts**

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Liquid instruments: 1%
 Illiquid instruments: 2%
Issuer products: ***
Derivatives: ***

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Alt. 1: 0.50%
Alt. 2: 0.75%
Derivatives: **

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Discount on MM-trades
Discount on MM-trades

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 Agreement between issuer and Market Maker

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vågen spesialistsenter priser  Equities:
 Comparable size*
 Alt. 1: NOK 250.000-500.000
 Alt. 2: NOK 500.000-1.000.000
 10-100 contracts**

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 Alt. 1: 0.50%
 Alt. 2: 0.75%
 Derivatives: **

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 Performance-related benefits*
 Discount on MM-trades
 Discount on MM-trades

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rosa voksduk med hvite stjerner * Oslo Børs may add more stringent obligations to Market Makers in order to be eligible for specific incentives

elverum kino gavekort ** Specified in derivatives Market Making Scheme

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Kontakt oss

Torbjørn Vik