Euronext Liffe last week announced a designated market maker
(DMM) scheme for its Euro Swapnote options contracts. Member
firms were notified in a circular sent on 6 August that the
scheme will run until 30 June 2005 and applies to each of the
exchange's two-, five- and ten-year contracts.
DMMs will benefit from fee-free trading of the option
contracts in return for providing two-way competitive prices
and order sizes over the phone and on the exchange's electronic
platform, Connect. They will also be required to help determine
theoretical prices for intra-day modelling and settlements
publication. Clearing fees will remain set at the standard
three pence per side, per lot, through LCH Clearnet.
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