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.

ASX has also determined that certain ETPs have sufficient natural liquidity and therefore do not need to be supported by ASX by way of a rebate of trading fees in those products. These ETPs have been designated "mature" by ASX and are marked as such below. While ASX does not provide a trading fee rebate in these ETPs, Market Makers are recognised in these products where they meet the minimum quoting benchmarks assigned below. Satisfying these criteria distinguishes Market Makers from other proprietary traders.

ASX reviews the ETPs it has identified as "mature" on an annual basis and takes into account the ETP's average traded value over the year, average bid/ask spread, funds under management, years of operation and the participants active in the ETP in determining whether to make the designation.

ASX offers certain market makers technical services rebates in support of their market making activity where they have shown persistent, quality support to the Australian ETP market. These market makers have demonstrated to ASX their support of ETP issuers by providing markets in a wide range of ETPs over a meaningful time period.

• Australian Broad Based
• Australian Sector
• Australian Strategy Based
• International Broad Based
• International Sector
• Currency
• Fixed Income and Cash
• Fixed Income - Single Asset
• Commodity

ETP Code	Quoting Schedule	Susquehanna	Deutsche	UBS	Jane Street
A200	1
E200	3
AUMF	3
EX20	2
IOZ	1
ILC	1
ISO	3
MVOL	3
MVW	1
MVS	3
QOZ	1
STW	Mature
SFY#	1
SSO	3
VAS	Mature
VLC	1
VSO	3

ETP Code	Quoting Schedule	Susqeuhanna	Deutsche
ATEC	2
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
AASF	N/A
AUST	2
BEAR	1
BBOZ	2
E200	3
EINC	N/A
FAIR	3
FDIV	2
GEAR	2
HVST	1
IHD	2
IMPQ	N/A
INES	N/A
INIF	N/A
KSM	N/A
RARI	3
RDV	3
RVL	3
SELF	1
SMLL	N/A
SWTZ	N/A
SYI	3
VHY	2
YMAX	1
ZYAU	1

 

ETP Code	Quoting Schedule	Susquehanna	Deutsche	Jane Street
AASF	N/A
AGX1	N/A
BBUS	1
CETF	3
CNEW	3
DBBF	2
DGGF	2
DHHF	2
DZZF	2
DMKT	N/A
EBND	4
EMKT	3
EMMG	N/A
ESGI	3
ETHI	3
ESTX	2
F100	3
FANG	4
FEMX	N/A
HEUR	3
HJPN	3
GGUS	1
GROW	N/A
HETH	3
HNDQ	3
HQLT	3
IAA	3
IEM	3
IEU	3
IHK	3
IHOO	2
IHVV	1
IHWL	3
IIND	4
IJH	3
IJP	3
IJR	4
IKO	4
IOO	3
ITW	3
IVE	4
IVV	1
IWLD	3
IZZ	3
KII	N/A
LNAS	1
MGE	N/A
MHG	N/A
MICH	N/A
MKAX	N/A
MOAT	4
MOGL	N/A
MSTR	2
NDIA	3
NDQ	2
PAXX	N/A
PIXX	N/A
QHAL	3
QLTY	3
QMIX	1
QUAL	3
QUS	1
SNAS	1
SPY	1
TECH	4
UMAX	2
VAE	4
VDCO	2
VDBA	2
VDGR	2
VDHG	2
VESG	2
VEU	2
VEQ	3
VGAD	2
VGE	3
VGMF	2
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
FANG	2
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
REIT	3
RENT	N/A
ROBO	4
VBLD	3

 

ETP Code	Quoting Schedule	Susquehanna	Deutsche
AUDS	2
EEU	1
POU	1
USD	1
YANK	2
ZUSD	1

 

ETP Code	Quoting Schedule	Susquehanna	Deutsche	JP Morgan
AAA	Mature
AGVT	3
BILL	1
BOND	4
BNDS	4
CRED	5
FLOT	4
GBND	4
GGOV	4
GOVT	4
HBRD	N/A
IAF	4
ICOR	4
IHCB	4
IHEB	4
IHHY	4
ILB	4
IGB	4
ISEC	1
IYLD	4
PLUS	4
QPON	4
RGB	4
RSM	4
RCB	4
SUBD	4
XARO	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
YTMAZJ	RB
YTMBH1	RB
YTMDO1	RB
YTMDX1	RB
YTMDX2	RB
YTMF07	RB
YTMF09	RB
YTMF10	RB
YTMF11	RB
YTMF13	RB
YTMF14	RB
YTMF15	RB
YTMF16	RB
YTMF17	RB
YTMGP1	RB
YTMLL1	RB
YTMMGR	RB
YTMMG2	RB
YTMMQG	RB
YTMNA1	RB
YTMNVN	RB
YTMQF1	RB
YTMQF2	RB
YTMQF3	RB
YTMQF4	RB
YTMSG1	RB
YTMSG2	RB
YTMTCL	RB
YTMTLS	RB
YTMTL1	RB
YTMTL2	RB
YTMVCX	RB
YTMVC1	RB
YTMWB1	RB
YTMWBC	RB
YTMWE1	RB

 

ETP Code	Quoting Schedule	Jane Street	Virtu	Flowtraders	Susquehanna
ETPMPM	RB/4
ETPMPT	RB/5
ETPMAG	RB/3
ETPMPD	RB/5
GOLD	mature
OOO	3
PMGOLD	RB
QAG	4
QAU	1
QCB	5

 

# 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

Description of Quoting Specifications for Market Makers