LONDON, 2014-04-17 16:10 CEST (GLOBE NEWSWIRE) --
Issue Date: 17th April 2014
Effective Date: 17th April 2014
TENDER FOR DESIGNATED MARKET MAKER STATUS IN STIR AND LTIR FUTURES, AND TED SPREADS
Introduction
NASDAQ OMX NLX (“NLX”) has decided to introduce a new Designated Market Maker (“DMM”) scheme (“this Market Maker scheme”) which will run for a period of 6 months from Monday 2nd June 2014 (“the Commencement Date”) to Friday 28th November 2014. This Market Maker scheme will replace the previously announced scheme.
NLX therefore invites participants of the NLX market to submit tenders for DMM status in NLX’s STIR and LTIR futures, and TED spreads, as defined in section 1, in the attached (“the Products”). The tenders received will be assessed on several metrics covering volume, spread, number of expiries and the stipend required. Metrics Guidance is provided at Appendix A. The appointed DMMs shall receive an execution fee rebate for the duration of this Market Maker scheme (as outlined in section 2, in the attached), and a monthly stipend to contribute towards the direct costs associated with providing the Market Maker service.
The selected DMMs will be appointed by NLX following assessment of the tenders submitted under this competitive tender process. The decision by NLX to select and appoint DMMs shall be final. NLX will maintain a reserve list (“Reserve DMMs”) that will be used in the case DMMs fails to meets their obligations. The appointed DMMs and reserve DMMs shall be notified of their appointed status on or around Friday 23rd May 2014. The appointed DMMs will be engaged by NLX under the terms of the NLX Market Maker agreement, with the DMMs benefits and obligations commencing thereafter on the Commencement Date, Monday 2nd June 2014.
FULL DETAILS OF THIS MARKET NOTICE ARE INCLUDED IN THE ATTACHED PDF BELOW.
For further information in relation to this NASDAQ OMX NLX Notice, please contact:
Stuart Deel-Smith:
Tel: +44 (0) 203 753 2106
Email: Stuart.Deel-Smith@nlx.co.uk
