NASDAQ OMX NLX Market Notice: 007-15

UNITED KINGDOM


London, 2015-08-12 17:42 CEST (GLOBE NEWSWIRE) --  

 

NASDAQ OMX NLX Market Notice: 007-15

Issue Date: 12 August 2015

Effective Date: 12 August 2015

 

Invitation to Tender for Additional Designated Market Makers in STIR & LTIR Futures and TED Spreads

 

Introduction

NASDAQ OMX NLX (“NLX”) has decided to supplement their current Designated Market Maker (“DMM”) scheme (“this Market Maker scheme”) with additional Market Makers, which will run for a period of 3 months from Tuesday 1st September 2015 (“the Commencement Date”) to Friday 27th November 2015. The appointed Market Makers will enhance the current 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 Tuesday 25th August 2015. 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, Tuesday 1st September 2015.

 

FULL DETAILS OF THIS MARKET NOTICE ARE INCLUDED IN THE ATTACHED PDF BELOW.


Attachments

NASDAQ OMX NLX Market Notice 007-15.pdf