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Market making

Market makers provide an important role in ensuring that buyers and sellers of ETPs can transact. They provide liquidity to the market by providing quotes through the trading day and update their prices to reflect changes in the underlying securities.

ASX offers a market making incentive scheme to further promote tighter spreads and more liquidity in ETPs markets. Market making Participants receive incentives equivalent to trading and clearing fees from ASX when achieving minimum quoting benchmarks on a monthly basis. Each ETP is assigned a spread and liquidity requirement.

 

ETP

Code

Quoting

Schedule

Susquehanna Deutsche UBS JP Morgan
IOZ 1  
ILC 1  
ISO 3  
MVW 1      
MVS 3      
QOZ 1      
STW N/A*        
SFY# 1    
SSO 3    
UBA 1      
VAS 1    
VLC 1    
VSO 3    
ZOZI 1      

 


ETP

Code

Quoting

Schedule

Susqeuhanna Deutsche UBS JP Morgan
MVA

2

     
MVB 2      
MVE 3      
MVR 2      
OZF 2    
OZR 2    
QFN 2      
QRE 2      
SLF# 2    
VAP 2    

 


ETP

Code

Quoting

Schedule

Susqeuhanna Deutsche UBS JP Morgan
AOD 2        
BEAR 1      
BBOZ 2      
DIV 2    
ETF 1    
GEAR 2      
HVST 1      
IHD 2  
QOZ 1      
RARI 3        
RDV 3    
RVL 3    
SYI 3    
VHY 2    
YMAX 1      
ZYAU 1      

 


ETP

Code

Quoting

Schedule

Susquehanna Deutsche UBS JP Morgan
CETF 3      
GGUS 1        
IAA# 3      
IBK# 5      
IEM# 3      
IEU# 3      
IHK# 3      
IHOO 2      
IHVV 1      
IJH# 3      
IJP# 3      
IJR# 4      
IKO# 4      
IOO# 3      
IRU# 3      
ISG# 3      
ITW# 3      
IVE# 4      
IVV# 1      
IZZ# 3      
KII          
MGE          
MHG          
MOAT 4      
NDQ 2      
QUAL 3      
QUS 3      
SPY 1      
UBE 1      
UBJ 3      
UBP 3      
UBU 1      
UBW 1      
UMAX 2      
VEU 2    
VGAD 2        
VGE 3      
VGS 2        
VTS 2    
WDIV 4      
WEMG 3      
WXHG 2      
WXOZ 2      
ZYUS 2      

 


ETP

Code

Quoting

Schedule

Susquehanna Deutsche UBS JP Mogran
DJRE 4      
GDX 4      
IXI# 4      
IXJ# 4      
IXP# 4      

 


ETP

Code

Quoting

Schedule

Susquehanna Deutsche UBS JP Morgan
EEU 1      
POU 1      
USD 1      
ZCNH 1      
ZUSD 1      

 


ETP

Code

Quoting

Schedule

Susquehanna Deutsche UBS JP Morgan
AAA 1      
BOND 4    
GOVT 4    
IAF 4  
ILB 4  
IGB 4  
RGB 4    
RSM 4    
RCB 4    
VAF 4    
VGB 4  

 


ETP

Code

Quoting

Schedule

Susquehanna Deutsche UBS JP Morgan
YTMAZJ RB        
YTMBHP RB        
YTMCWN RB        
YTMDXS RB        
YTMGPT RB        
YTMIPL RB        
YTMLLC RB        
YTMLL1 RB        
YTMMGR RB        
YTMNVN RB        
YTMSCG RB        
YTMSCGP RB        
YTMSG1 RB        
YTMTLS RB        
YTMWES RB        
YTMWE1 RB        
YTMWOW RB        

 


ETP

Code

Quoting

Schedule

Susquehanna Deutsche UBS JP Morgan
ETPAGR RB/8      
ETPCMD RB/8      
ETPCOP RB/6      
ETPCRN RB/6      
ETPGAS RB/3      
ETPGRN RB/8      
ETPIND RB/8      
ETPNRG RB/5      
ETPMPM RB/4      
ETPMPT RB/5      
ETPMAG RB/3      
ETPMPD RB/5      
ETPOIL RB/8      
ETPWHT RB/6      
GOLD N/A*        
OOO 3      
PMGOLD RB        
QAG 4      
QAU 1      
QCB 5      
RBSRIG RB        
ZGOL 1      

 

N/A* means due to the natural high level of liquidity, this product is not offered in the incentive scheme. Market Makers can however still make a market in this product.

# means due to the products being admitted under the listings rules, there is no obligation for a Lead Maker Maker.

RB means that the product has been admitted under a Reasonable Bid test for market liquidity. Further information can be found in Guidance Note 12: Warrant and Aqua Product Liquidity Requirements.

Note this table shows the Market Makers that have signed incentive contracts with ASX and the relevant ETPs. This information is a summary of select terms in the incentive agreements signed between ASX and relevant Makert Makers, and is not a definative or comprehensive summary of those agreements.

Quoting Schedules for ETPs

Bid Price in $AUD Maximum Spread Minimum Quantity - Equity, Currency and Commodity ETPs Minimum Quantity - Fixed Income ETPs
Schedule 1
$5< 2c $50,000 $150,000
>$5 40bps $50,000 $150,000
Schedule 2
$5< 3c $30,000 $100,000
>$5 60bps $30,000 $100,000
Schedule 3
$5< 5c $25,000 $75,000
>$5 1% $25,000 $75,000
Schedule 4
$5< 7c $20,000 $50,000
>$5 1.5% $20,000 $50,000
Schedule 5
$5< 10c $17,500 $40,000
>$5 2% $17,500 $40,000
Schedule 6
$5< 12c $15,000 $30,000
>$5 2.5% $15,000 $30,000
Schedule 7
$5< 17c $12,500 $25,000
>$5 3.5% $12,500 $25,000
Schedule 8
$5< 25c $10,000 $20,000
>$5 5% $10,000 $20,000
Schedule 9
$5< 37c $7,500 $15,000
>$5 7.5% $7,500 $15,000
Schedule 10
$5< 50c $5,000 $10,000
>$5 10% $5,000 $10,000

Description of Quoting Specifications for Market Makers

Miminum % of time to maintain two-way quotes Maximum Spread (Being the offer price less the bid price Minimum Quantity of Products in each bid and offer ($AUD)
80% of the time from 10:15 until commencement of the Pre-CSPA (Closing Single Price Auction) Session State (generally 16:00) on any trading day. The maximum spread referred to in schedules 1-10 above is based on the relveant Bid price in $AUD. The mimum quantity for Products referred to in schedules 1-10 is based on the Bid price for the bid quanity and Offer price for the offer quanity in $AUD.

 

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