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Obligations and Incentives

The Exchange offers two market making schemes to ensure the availability of liquidity in Equities and Derivatives markets.

The Market Making Obligations and Incentives are set by the Exchange and reviewed and published every 6 months (1 January - 1 July), based on the security’s liquidity performance over the last 6 months. The Exchange may amend the obligations and incentives from time to time, based on market conditions, as it sees fit.

The obligations and incentives schemes are defined in the below tables:

Equity Market

Classification of securities based on liquidity Parameters Single Stock Single Stock+1
Obligations Incentives Obligations Incentives
Group A: Very High Liquidity Minimum Presence of Orders 80% No Incentive 80% 25% Trading commission discount + 1 Security (Group D or below)
Minimum Size Between 100,000 – 500,000 Between 100,000 – 500,000
Maximum Spread 0.30% 0.30%
Minimum Value Traded N/A ≥ 10%
Group B: High Liquidity Minimum Presence of Orders 70% No Incentive 70% 50% Trading commission discount + 1 Security (Group D or below)
Minimum Size Between 100,000 – 500,000 Between 100,000 – 500,000
Maximum Spread 0.40% 0.40%
Minimum Value Traded N/A ≥ 10%
Group C: Medium Liquidity Minimum Presence of Orders 60% 50% Trading commission discount 60% 100% Trading commission discount + 1 Security (Group D or below)
Minimum Size Between 100,000 – 500,000 Between 100,000 – 500,000
Maximum Spread Between 0.45% - 0.50% Between 0.45% - 0.50%
Minimum Value Traded ≥ 5% ≥ 10%
Group D: Low Liquidity Minimum Presence of Orders 50% 100% Trading commission discount 50% 100% Trading commission discount
Minimum Size Between 100,000 – 500,000 Between 100,000 – 500,000
Maximum Spread Between 0.60% - 0.70% Between 0.60% - 0.70%
Minimum Value Traded N/A N/A
Group E: Very Low Liquidity Minimum Presence of Orders 50% 100% Trading commission discount 50% 100% Trading commission discount
Minimum Size Between 100,000 – 500,000 Between 100,000 – 500,000
Maximum Spread Between 3.00% - 5.00% Between 3.00% - 5.00%
Minimum Value Traded N/A N/A

Derivatives Market

Contract Code Contract Months Obligations Obligation parameters Incentives
MT30 Index Futures SF30 Minimum of one contract month (Maturity) Maximum Spread 5 Ticks ( 2.5 Index points) 100% Trading commission discount
Minimum Size 3 Lots
Minimum Presence of Orders 09:30 - 10:00 (100%)
30 minutes
10:00 - 15:00 (70%)
210 minutes
15:00 – 15:30 (100%)
30 minutes
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