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The liquidity of ETCs/ETNs (continuous quoting prices and narrow bid-ask spreads) are guaranteed by the presence on the trading platform of three market making schemes:

Official specialist: provides liquidity by placing compulsory comparable bid and ask orders which respect a maxmium spread (percentage distance between bid and ask price) and a minimum countervalue. There can only be one Specialist for each ETF, ETC/ETN. The specialist is to be appointed by the relevant issuer.

Advanced Liquidity Provider: provides liquidity by placing comparable competitive bid and/or ask orders on their own account, which respect a maximum spread and minimum countervalue. There may be unlimited ADLPs per instrument. An entity can freely apply to be an ADLP for any instrument.

MiFID II Market Maker: provides liquidity by placing comparable competitive bid and/or ask orders on their own account, which respect a maximum spread and minimum countervalue. There may be unlimited MiFID II Market Makers per instrument.

For more info please refer to the sections at the top of the page.