The current marker makers for ECX options are RNK Capital.
To request for a quote please contact:
Ken Schneider in the US (Chicago
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) at RNK Capital.
Market Maker Programme – Benchmark Obligations
The general Market Maker obligations (including bid/offer and volume requirements) are set out below.
The Market Maker must on a daily basis:
(i) ensure that the two sided market of bid and offer shall be no wider than €0.50 for a minimum quantity of 10 lots on the bid and offer for both calls and puts in the December 2008 contract month for the at-the-money strike and the 2 closest strikes on each side of the at-the-money strike;
(ii) make this market for at least 85% of the time between 08:00 hours and 17:00 hours London time; and,
(iii) respond to standard strategy Request for Quotes (“RFQs”) in the December 2008 and December 2009 contract months between 08:00 hours and 17:00 hours London time.
Commercial terms
In return for meeting the Market Making obligations the Exchange transaction fees will be rebated for all ICE ECX CFI CER Options and related ICE ECX CFI CER Futures trades hedging option positions traded by the Market Maker. Subject to the Market Maker meeting its obligations throughout the entire period of the Market Making Programme the rebate will extend six months beyond the end of the Market Making Programme, i.e. to 31 March 2009.
The rebate will be paid monthly within 30 days of the end of the respective calendar month. Also, Market Makers will not be restricted by the Volume Ratio Charging Structure in relation to trades in ICE ECX CFI CER Options. Clearing fees will not be waived.
Participation
The Exchange requests Members and their customers with an interest in becoming Market Makers to submit a written application to be received by the Exchange no later than close of business 9 May 2008. Successful applicants will be required to enter into an agreement with the Exchange in relation to the Market Maker Programme. Market Makers will be selected by the Exchange according to their ability to meet the above obligations, the availability of appropriate IT systems, earlier Market Maker experience, and the amount of risk capital that a prospective Market Maker is prepared to commit. Each Market Maker will be required to set up a specific back office account reference so that the Exchange can monitor the commitment of the Market Maker.
There will be a maximum of three Market Makers.
The Exchange reserves the right to suspend or withhold payment of part or all of the rebate arrangement for failure to meet the agreed commitments. Members who are interested in participating in the Market Maker Programme are asked to apply in writing to Sam Johnson-Hill or Jason Pegley.
Sam Johnson-Hill
ECX
+44 (0)20 7382 7814
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Jason Pegley
ICE Futures Europe
+44 (0)207 265 3646
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