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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 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 April 2019

Market Instrument ISIN Market Makers
XCSE Nordea Invest Europa DK0010265693 Nordea Bank Abp
XSTO Getinge AB ser. B SE0000202624 BNP Paribas Arbitrage SNC; Hudson River Trading Europe Ltd; Société Générale S.A.; XTX Markets
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