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Market Making

MiFID II Market Making Agreement and Market Making Scheme

Nasdaq Nordic offers a Market Making Agreement for members and participants acting as Market Maker as defined in MiFID II. The agreement covers instruments on Nasdaq Stockholm, Nasdaq Helsinki and Nasdaq Copenhagen (including First North market segments) traded in INET. The Market Maker’s quoting obligations are described in the agreement and are tracked on a daily basis by Nasdaq Nordic. 

The ETF LP Programme has been incorporated into the MiFID II Market Making Agreement. An LPS account needs to be used for the purpose of market making in ETFs. 

When a member acting as a Market Maker wishes to enter into the Market Making Agreement, the signed agreement should be sent to Operator@nasdaq.com with a list of instruments selected for market making. The quoting obligations can be found in the Market Making Agreement and will be made available on Member Portal. 

A component of the Market Making agreement is the Market Making Scheme offered for liquid shares and ETFs. The spread obligations for the Market Maker in liquid instruments are doubled during Stressed Market Conditions.

Download Market Making Agreement

Market Makers in Liquid instruments

Market Makers who fulfilled market making obligation under Stressed Market Conditions for February 2019

Market Instrument ISIN Market Makers
XCSE Nordea Invest USA DK0010265776 Nordea Bank Abp
XCSE H. Lundbeck A/S DK0010287234 Hudson River Trading Europe Ltd; XTX Markets; BNP Paribas Arbitrage SNC
XCSE SimCorp A/S DK0060495240 XTX Markets
XCSE Ambu A/S DK0060946788 XTX Markets
XHEL Seligson & Co OMX Helsinki 25 UCITS ETF FI0008805627 Svenska Handelsbanken AB
XHEL Cargotec Oyj FI0009013429 XTX Markets; Hudson River Trading Europe Ltd
XHEL Orion Corporation B FI0009014377 XTX Markets; BNP Paribas Arbitrage SNC; Hudson River Trading Europe Ltd
XHEL Outotec Oyj FI0009014575 XTX Markets; Hudson River Trading Europe Ltd
XSTO RaySearch Laboratories AB ser. B SE0000135485 XTX Markets
XSTO Fingerprint Cards AB ser. B SE0008374250 Hudson River Trading Europe Ltd
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