Market making

Market makers play an important role in ensuring that buyers and sellers of an ETP can transact at prices close to the net asset value (NAV) of the ETP. They provide liquidity to the market by providing quotes (bids and offers) through the trading day and frequently update their quotes to reflect changes in the NAV of the ETP.

ASX offers a market making incentive scheme to help promote tighter spreads and more liquidity in ETP markets. Participants in that scheme receive incentives equivalent to the trading fees they would otherwise pay to ASX if they achieve the minimum quoting benchmarks prescribed by ASX on a monthly basis. Each ETP is assigned a spread and liquidity requirement, as set out in the table below.

ASX does not incentivise internal market making arrangements. ETPs that use internal market making are generally noted with “N/A” in the table below. For specific information about the risks associated with internal market making, click here .

 

ETP

Code

Quoting

Schedule

Susquehanna Deutsche UBS Jane Street
A200 1      
AUMF 3      
EINC N/A        
EX20 2    
INIF N/A        
IOZ 1  
ILC 1  
ISO 3  
MVOL 3      
MVW 1    
MVS 3    
QOZ 1  
RINC N/A        
SMLL N/A        
STW N/A*        
SFY# 1    
SSO 3    
UBA 1      
VAS 1  
VLC 1    
VSO 3    
ZOZI 1      

ETP

Code

Quoting

Schedule

Susqeuhanna Deutsche
MVA

2

MVB 2
MVE 3  
MVR 2
OZF 2
OZR 2
QFN 2
QRE 2
RINC N/A    
SLF# 2
VAP 2

 


ETP

Code

Quoting

Schedule

Susquehanna Deutsche UBS Jane Street
AOD N/A        
AUST 2      
BEAR 1  
BBOZ 2  
DIV 2    
EINC N/A        
ETF 1    
FAIR 3      
FDIV 2      
GEAR 2  
HVST 1    
IHD 2  
KSM N/A        
RARI 3      
RDV 3    
RVL 3    
SWTZ N/A        
SYI 3    
VHY 2    
YMAX 1  
ZYAU 1      

 


ETP

Code

Quoting

Schedule

Susquehanna Deutsche Jane Street
AGX1 N/A      
BBUS 1
CETF 3  
CNEW 3    
DMKT N/A      
EMKT 3  
ESGI 3  
ETHI 3
ESTX 2  
FEMX N/A      
HEUR 3
HJPN 3
GGUS 1
GROW N/A      
IAA 3  
IEM 3
IEU 3  
IHK 3    
IHOO 2  
IHVV 1  
IHWL 3    
IJH 3  
IJP 3  
IJR 4    
IKO 4  
IOO 3  
ITW 3    
IVE 4  
IVV 1
IWLD 3    
IZZ 3  
KII N/A      
MGE N/A      
MHG N/A      
MICH N/A      
MOAT 4    
MOGL N/A      
NDQ 2
PAXX N/A      
PIXX N/A      
QMIX 1    
QUAL 3    
QUS 1
SPY 1  
TECH 4    
UBE 1    
UBJ 3    
UBP 3    
UBU 1    
UBW 1    
UMAX 2  
VAE 4
VDCO 2
VDBA 2
VDGR 2
VDHG 2
VESG 2  
VEU 2
VEQ 3
VGAD 2
VGE 3
VGS 1  
VISM 3    
VMIN 2  
VTS 2
VVLU 2  
WCMQ N/A      
WDIV 4  
WDMF 3  
WEMG 3  
WRLD 2    
WVOL 3    
WXHG 2    
WXOZ 2  
ZYUS 2  

 


ETP

Code

Quoting

Schedule

Susquehanna Deutsche

Jane Street

ACDC 4    
ASIA 3    
BNKS 3  
CORE 4  
CURE 4    
DJRE 4  
DRUG 3  
ESGI 3  
FOOD 3  
FUEL 3  
GDX 4  
GLIN N/A      
HACK 4
IFRA 2  
INCM 3    
IXI 4  
IXJ 4  
MNRS 3  
QLTY 3    
RBTZ 3    
RENT N/A      
ROBO 4  
VBLD 3    

 


ETP

Code

Quoting

Schedule

Susquehanna Deutsche
AUDS 2  
EEU 1  
POU 1  
USD 1  
YANK 2  
ZCNH 1  
ZUSD 1  

 


ETP

Code

Quoting

Schedule

Susquehanna Deutsche JP Morgan
AAA 1    
BILL 1    
BOND 4  
BNDS N/A      
CRED 5    
FLOT 4    
GOVT 4  
HBRD        
IAF 4
IHCB 4    
IHEB 4    
IHHY 4    
ILB 4
IGB 4
ISEC 1    
MONY 1    
PLUS 4    
QPON 4    
RGB 4  
RSM 4  
RCB 4  
VACF 4    
VAF 4
VBND 4    
VCF 4    
VEFI 2  
VGB 4
VIF 4    

 


ETP

Code

Quoting

Schedule

Challis
YTMAGL RB
YTMANZ RB
YTMAPA RB
YTMAP1 RB
YTMAST RB
YTMAS2 RB
YTMAWC RB
YTMAZJ RB
YTMBH1 RB
YTMCCA RB
YTMCTX RB
YTMDO1 RB
YTMDOW RB
YTMDX1 RB
YTMDX2 RB
YTMF13 RB
YTMF14 RB
YTMF15 RB
YTMF16 RB
YTMF17 RB
YTMGPT RB
YTMGP1 RB
YTMIPL RB
YTMLLC RB
YTMLL1 RB
YTMMGR RB
YTMMG2 RB
YTMMQG RB
YTMNA1 RB
YTMNAB RB
YTMNVN RB
YTMQF1 RB
YTMQF2 RB
YTMQF3 RB
YTMSCG RB
YTMSGP RB
YTMSG1 RB
YTMSG2 RB
YTMTCL RB
YTMTLS RB
YTMTL1 RB
YTMTL2 RB
YTMVCX RB
YTMVC1 RB
YTMWB1 RB
YTMWBC RB
YTMWES RB
YTMWE1 RB
YTMWOW RB
YTMF04 RB
YTMF05 RB
YTMF06 RB
YTMF07 RB
YTMF08 RB
YTMF09 RB
YTMF10 RB
YTMF11 RB

 


ETP

Code

Quoting

Schedule

Jane Street

Virtu

Flowtraders
ETPMPM RB/4    
ETPMPT RB/5    
ETPMAG RB/3      
ETPMPD RB/5    
GOLD 1      
OOO 3    
PMGOLD RB      
QAG 4    
QAU 1    
QCB 5    
ZGOL 1    

 

# 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 Market Makers, and is not a definitive or comprehensive summary of those agreements.

Quoting Schedules for ETPs

Bid Price in $AUD Maximum Spread Minimum Quantity
Schedule 1
<$5 2c $50,000
>$5 40bps $50,000
Schedule 2
<$5 3c $30,000
>$5 60bps $30,000
Schedule 3
<$5 5c $25,000
>$5 1% $25,000
Schedule 4
<$5 7c $20,000
>$5 1.5% $20,000
Schedule 5
<$5 10c $17,500
>$5 2% $17,500
Schedule 6
<$5 12c $15,000
>$5 2.5% $15,000
Schedule 7
<$5 17c $12,500
>$5 3.5% $12,500
Schedule 8
<$5 25c $10,000
>$5 5% $10,000
Schedule 9
<$5 37c $7,500
>$5 7.5% $7,500
Schedule 10
<$5 50c $5,000
>$5 10% $5,000

Description of Quoting Specifications for Market Makers

Minimum % 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 relevant Bid price in $AUD. The minimum quantity for Products referred to in schedules 1-10 is based on the Bid price for the bid quantity and Offer price for the offer quantity in $AUD.