Finnish Market Maker Obligations

Continuously provide bid and ask prices:

Quoting obligations for Class H1:
MM shall, during not less than seventy-five (75) per cent of the Exchange’s opening hours, continuously quote in thirty-three (33) Series for the respective Primary Instruments. MM undertakes to quote pursuant to the following: Five (5) call option series, five (5) put option series and one (1) forwards 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 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 Terms, but without regard to the Series which have the current day as their Expiration Day.

Quoting obligations for Class H2:
MM shall, during not less than seventy-five (75) per cent of the Exchange’s opening hours, continuously quote in one (1) forwards series regarding the three (3) quoted Expiration Months with the shortest Terms. On the Expiration Day for 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 have the current day as their 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       Max spread
0 - 0.2     0.10
0.2 - 1     0.15
1 - 2        0.30
2 - 3        0.40
≥3           0.50 

Forwards
Bid       Max spread
0 - 20       0.4
20 - 150   0.6
≥150        4
 

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 the MM performance is perfomed 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.