Swedish Market Maker Obligations

Regular Market Maker

Continuously provide bid and ask prices:

RMM 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 RMM undertakes to quote pursuant to the following: Five (5) call option series, five (5) put option series and one (1) forward/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.

If the Market maker satisfies NASDAQ OMX that it is unable to provide quotes in the relevant forwards/futures contract for the selected Primary Instruments, the RMM may, subject to prior consent in writing from NASDAQ OMX, perform its obligations by providing additional quotes in options. The RMM shall then provide quotes in one additional out-of-the-money call option and one additional out-of-the-money put option for all expiration months where the RMM has obligations.

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.  

Spread Requirements:

Options
Bid    Max spread
0 - 2       1
2 - 10     1.5
10 - 20    3
20 - 30    4
30 - 200  5
≥200      10

Futures/Forwards
Bid          Max spread
0 – 100       1.50
100 - 200    3.00
≥200           5.00
 

Advanced Market Maker

Continuously provide bid and ask prices:

AMM shall, during not less than eighty per cent (80%) of the Exchange’s ordinary trading hours per calendar month, continuously quote in seventy-five (75) Series for the selected Primary Instruments. The AMM undertakes to quote pursuant to the following: Seven (7) call option series, seven (7) put option series and one (1) forward/futures series regarding the five (5) 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 two Series which are closest to being in-the-money, and the four Series which are closest to being out-of-the-money. In cases where Series are not available for trading according to the above, the seven Series nearest at-the-money shall be quoted for each term.

If the Market maker satisfies NASDAQ OMX that it is unable to provide quotes in the relevant forwards/futures contract for the selected Primary Instruments, the AMM may, subject to prior consent in writing from NASDAQ OMX, perform its obligations by providing additional quotes in options. The AMM shall then provide quotes in one additional out-of-the-money call option and one additional out-of-the-money put option for all expiration months where the AMM has obligations.

On the Expiration Day for a certain Series, the quoting obligation in accordance with the preceding paragraph shall relate to Series of the five (5) 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.


Spread Requirements: 

Options
Bid price         Max spread     Max spread
                      (≤ 3 months)   (> 3 months)
0- 2                     0.80               1.60
2 - 10                   1.25               2.50
10 - 20                 2.50               5.00
20 - 30                 3.25               6.50
30 - 200               4.00               8.00
≥200                    8.00              16.00
 

Futures/Forwards
Bid price         Max spread      Max spread
                      (≤ 3 months)    (> 3 months)
0 – 100                  1.25               2.50    
100 - 200               2.50               5.00
≥200                      4.00               8.00
 

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. Evalutaion of the MM performance is perfomed on a monthly basis.