Regulated Market Maker

Regulated Market Maker

An investment firm that is a member on Xetra and engages in algorithmic trading to pursue a market making strategy according to RTS 8 Article 1 of the Delegate Regulation (EU) 2017/578 in at least one instrument, shall apply for becoming a Market Maker on the Frankfurt Stock Exchange. It is obliged to comply with the minimum requirements in the corresponding instruments. The minimum requirements include a presence of at least 50% during continuous trading on a monthly average, considering a maximum spread and a quotation volume that may not diverge by more than 50% on Buy and Sell side. In times of exceptional circumstances, Market Makers are released from their obligation to quote.

Compared to the regulated Market Maker, Designated Sponsors have committed themselves to meet higher minimum requirements. This includes mandatory presence in auctions and continuous trading of 80% for ETFs & ETPs or 90% for equities. In addition to the maximum spread, a minimum quotation volume must be maintained. The maximum spread and minimum quotation volume for equities are determined on the basis of the liquidity level and determined by the respective liquidity class an instrument is assigned to. For ETFs and ETPs, both parameters are determined individually for each product. Designated Sponsors benefit from a full refund of transaction costs if the minimum requirements are met.

A Designated Sponsor is per se a regulated Market Maker and, in addition to the Designated Sponsor Agreement, is obliged to apply for admission as a regulated Market Maker on the Frankfurt Stock Exchange. 

For more information, please refer to the Designated Sponsor Guide.

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