Danish Market Maker Obligations
 

Continuously provide bid and ask prices:

MM shall, during not less than seventy-five per cent (75%) of the Exchange’s ordinary trading hours per calendar month, continuously quote in thirty-three (33) Series for the selected Primary Instruments. The MM undertakes to quote pursuant to the following: Five (5) call option series, five (5) put option series and one (1) futures series regarding the three (3) quoted Expiration Months with the shortest Terms. The options series that shall be quoted for each term are the Series which is at-the-money, the Series which is closest to being in-the-money, and the three Series which are closest to being out-of-the-money. In cases where Series are not available for trading according to the above, the five Series nearest at-the-money shall be quoted for each term.
On the Expiration Day for a certain Series, the quoting obligation in accordance with the preceding paragraph shall relate to Series of the three (3) listed Expiration Months with the shortest Term, but without regard to the Series which has the current day as the Expiration Day.

Number of Contracts:

The required number of Contracts to be quoted in a Primary Instrument is specified in the at each time applicable classification of the Primary Instruments, as determined by the Exchange. The MM is aware that this classification is reviewed and updated by the Exchange in January and July each year. See appendix 2 for a list of the instruments and required number of contracts.

Spread Requirements:

Options
Bid price       Max spread
0 - 2                1
2 - 10              1.50
10 - 20             3
20 - 30             4
30 - 200           5
200 – 500         150
500 – 1000       200
1000 – 2000     400
2000 – 3000     500
≥3000               600

Futures
Bid price         Max spread
0 - 200              3
200 - 2000        5
≥2000             500
 

Evaluation/Follow up:
The above obligations start at the normal start of trading and supervision of the MM’s performance will be carried out continuously and compiled daily. A Market Maker Report is sent daily to the MM by e-mail. Evaluation of MM performance is performed on a monthly basis.

If the MM does not meet the obligations described above, and in the Market Maker Agreement, the Member will receive higher fees according to Market Maker Fee Schedule which can be found in the Market Maker Fee List.