Market Making

Equities market making

Currently there is no active market making in equities on SWX Europe.

ETF market making

SWX Europe has rules which govern market making in Exchange Traded Funds (ETFs) on the SWX Europe market.

An ETF market maker must fulfill the following obligations:

• Registration with SWX Europe
• Maintain competitive 2-way orders of at least EUR 50'000 (or equivalent in another currency) on each side of the order book in each ETF in which the market maker is registered
• Ensure that its spread is not wider than the parameters agreed between the market maker and SWX Europe.

These market maker obligations do not apply in certain circumstances, for example when there are materially adverse market conditions; these circumstances are set out in the market making agreement which is included for information within Directive 17: Exchange Traded Funds.