London, 2016-05-09 13:59 CEST (GLOBE NEWSWIRE) --
Nasdaq NLX Market Notice: 003-16
Issue Date: 9 May 2016
Effective Date: 9 May 2016
Invitation to Tender for Designated Market Makers in STIR & LTIR Futures and TED Spreads
Introduction
NASDAQ NLX (“NLX”) has decided to renew its current Designated Market Maker (“DMM”) scheme (“this Market Maker Scheme”), which will run for a period of 6 months from Wednesday 1st June 2016 (“the Commencement Date”) to Wednesday 30th November 2016. This Market Maker Scheme will replace the previously announced Market Maker Scheme. This tender closes at 18:00 (UK) on Monday 23rd May 2016.
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 below (“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 in Appendix A. The appointed DMMs shall receive an execution fee rebate for the duration of this Market Maker Scheme 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. The appointed DMMs shall be notified of their appointed status on or around Wednesday 25th May 2016. 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, Wednesday 1st June 2016, or the mutually agreed commencement date.
FULL DETAILS OF THIS MARKET NOTICE ARE INCLUDED IN THE ATTACHED PDF BELOW.
