Monday September 19 2016

News Source: Global Exchanges

Focus: Trading Rules

Type: General

Country: Greece

Link: http://www.helex.gr/web/guest/home




The Stock Markets Steering Committee of Hellenic Exchanges has approved the modifications of Resolution no.2, concerning the specification and obligations for market making on Bonds. The specifications are now as follows:

Maximum spread

The Market Maker is obliged to enter buy and sell orders(quotes), on fulfilment of its obligations, entering prices with maximum spread of:

  • Price intervals: From 0.001 and over
  • Obligation: <=10%

Minimum Quote Volume

The Minimum Quote Volume is specified at 1.000 Euro Nominal Value. For the calculation of the final Minimum Quote Volume, a rounding upright is performed.

The Market Maker is able to request to Athens Exchange Group (ATHEX) to change the Minimum Quote Volume for a specific Bond. ATHEX may modify the Minimum Quote Volume, taking into consideration among others, the nominal value of the bond, as well as the minimum traded quantity.

Minimum Daily Quantity

Is specified as the total number of the issued bonds.

Minimum time of quote re-entry

The Market Maker is obliged to re-insert orders, the latest five (5) minutes after the total or partial fulfilment of the Minimum Quote Volume.

Additionally, the Member`s “Internal Procedural Rules for Market Making” is now a prerequisite document required in order for the Member to apply to become a Market Maker. The annexes “Memorandums – Questioners” for Stock and Derivatives Market has been removed from the resolution. Furthermore, the Application Form, which remains the only Annex of the Resolution, is replaced by a new version, which is required for market making applications on either Stock or Derivatives Market.

Click on the link above for further details.