Market Making Mifid II

Intermediaries applying market making strategies through algorithmic trading techniques on one or more financial instruments, at the occurrence of the conditions indicated in Regulation 2017/578/EU, must inform Borsa Italiana, in accordance to such Regulation, and conclude a market making agreement.

Mifid2 Market Makers must comply with the obligations, indicated in the Rules of the SeDeX market, for at least 50% of the duration of the continuous trading session for each trading day, by entering simultaneous buy and sell orders for comparable quantities.

Mifid2 Market Makers must operate in compliance with the obligations established by Borsa Italiana for at least three months after the starting date of the obligations. After this term, intermediaries that intend to cease their activity, with reference to one or more financial instruments, must give Borsa Italiana notice in writing at least 30 days before the planned day of cessation. Borsa Italiana may accept shorter notice in cases where the intermediary demonstrates the necessity thereof.

In the market stress situations, Mifid2 Market Makers have to quote with halved quantities and with double spread in respect of the ones indicated in the Rules.

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Mifid2 Market Makers list