Eimskipafelag Islands hf. has entered into new agreement with Landsbankinn hf. and renewed agreements with Íslandsbanki hf. and Straumur Investment Bank hf. whereas the banks undertake to act as market makers for the company’s shares listed on NASDAQ OMX ICELAND.
The main terms of the agreements are as follows:
Minimum amounts of bid and ask offer quotes of each market maker shall be 50,000 shares on price decided by each market maker, maximum deviation from last price paid shall not exceed 3%. Maximum bid-ask spreads shall be 1.5%. Maximum time to place new orders in succession to prior orders getting filled is 10 minutes. Each market maker obliged maximum amount of total trading per day is 400,000 shares.
New agreements will take effect on 15 May 2014. The agreements are valid for an indefinite period but can be terminated with one month’s notice. At the same time previous agreements will expire.