DOCSLIB.ORG

DECLARATION in Accordance with Point 18. of the Market Maker

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
DECLARATION in Accordance with Point 18. of the Market Maker DECLARATION In accordance with point 18. of the Market Maker Agreement concluded by and between Erste Befektetési Zrt. and Budapest Stock Exchange, Erste Befektetési Zrt. hereby declare that the company undertakes the market making of the following securities with the conditions described below: -Erste Arany Turbo Long 001 Warrant (ISIN: AT0000A22LG3; Ticker: EBGOLDTL001) Conditions of the market making hereby undertaken by Erste Befektetési Zrt. Market making period within trading hours: Free trading period Bid-ask spread: Market maker median price +/- 20% Minimum order quantity: 100 pieces Validity date of market maker agreement: By termination of the certificate Date: 09.08.2018 _______________________________________ Erste Befektetési Zrt. DECLARATION In accordance with point 18. of the Market Maker Agreement concluded by and between Erste Befektetési Zrt. and Budapest Stock Exchange, Erste Befektetési Zrt. hereby declare that the company undertakes the market making of the following securities with the conditions described below: -Erste Arany Turbo Long 002 Warrant (ISIN: AT0000A22LH1; Ticker: EBGOLDTL002) Conditions of the market making hereby undertaken by Erste Befektetési Zrt. Market making period within trading hours: Free trading period Bid-ask spread: Market maker median price +/- 20% Minimum order quantity: 100 pieces Validity date of market maker agreement: By termination of the certificate Date: 09.08.2018 _______________________________________ Erste Befektetési Zrt. DECLARATION In accordance with point 18. of the Market Maker Agreement concluded by and between Erste Befektetési Zrt. and Budapest Stock Exchange, Erste Befektetési Zrt. hereby declare that the company undertakes the market making of the following securities with the conditions described below: -Erste Ezüst Turbo Long 001 Warrant (ISIN: AT0000A22LJ7; Ticker: EBSILVTL001) Conditions of the market making hereby undertaken by Erste Befektetési Zrt. Market making period within trading hours: Free trading period Bid-ask spread: Market maker median price +/- 20% Minimum order quantity: 100 pieces Validity date of market maker agreement: By termination of the certificate Date: 09.08.2018 _______________________________________ Erste Befektetési Zrt. DECLARATION In accordance with point 18. of the Market Maker Agreement concluded by and between Erste Befektetési Zrt. and Budapest Stock Exchange, Erste Befektetési Zrt. hereby declare that the company undertakes the market making of the following securities with the conditions described below: -Erste Ezüst Turbo Long 002 Warrant (ISIN: AT0000A22LK5; Ticker: EBSILVTL002) Conditions of the market making hereby undertaken by Erste Befektetési Zrt. Market making period within trading hours: Free trading period Bid-ask spread: Market maker median price +/- 20% Minimum order quantity: 100 pieces Validity date of market maker agreement: By termination of the certificate Date: 09.08.2018 _______________________________________ Erste Befektetési Zrt. DECLARATION In accordance with point 18. of the Market Maker Agreement concluded by and between Erste Befektetési Zrt. and Budapest Stock Exchange, Erste Befektetési Zrt. hereby declare that the company undertakes the market making of the following securities with the conditions described below: -Erste Arany Turbo Short 001 Warrant (ISIN: AT0000A22LL3; Ticker: EBGOLDTS001) Conditions of the market making hereby undertaken by Erste Befektetési Zrt. Market making period within trading hours: Free trading period Bid-ask spread: Market maker median price +/- 20% Minimum order quantity: 100 pieces Validity date of market maker agreement: By termination of the certificate Date: 09.08.2018 _______________________________________ Erste Befektetési Zrt. DECLARATION In accordance with point 18. of the Market Maker Agreement concluded by and between Erste Befektetési Zrt. and Budapest Stock Exchange, Erste Befektetési Zrt. hereby declare that the company undertakes the market making of the following securities with the conditions described below: -Erste Arany Turbo Short 002 Warrant (ISIN: AT0000A22LM1; Ticker: EBGOLDTS002) Conditions of the market making hereby undertaken by Erste Befektetési Zrt. Market making period within trading hours: Free trading period Bid-ask spread: Market maker median price +/- 20% Minimum order quantity: 100 pieces Validity date of market maker agreement: By termination of the certificate Date: 09.08.2018 _______________________________________ Erste Befektetési Zrt. DECLARATION In accordance with point 18. of the Market Maker Agreement concluded by and between Erste Befektetési Zrt. and Budapest Stock Exchange, Erste Befektetési Zrt. hereby declare that the company undertakes the market making of the following securities with the conditions described below: -Erste Ezüst Turbo Short 001 Warrant (ISIN: AT0000A22LN9; Ticker: EBSILVTS001) Conditions of the market making hereby undertaken by Erste Befektetési Zrt. Market making period within trading hours: Free trading period Bid-ask spread: Market maker median price +/- 20% Minimum order quantity: 100 pieces Validity date of market maker agreement: By termination of the certificate Date: 09.08.2018 _______________________________________ Erste Befektetési Zrt. DECLARATION In accordance with point 18. of the Market Maker Agreement concluded by and between Erste Befektetési Zrt. and Budapest Stock Exchange, Erste Befektetési Zrt. hereby declare that the company undertakes the market making of the following securities with the conditions described below: -Erste Ezüst Turbo Short 002 Warrant (ISIN: AT0000A22LP4; Ticker: EBSILVTS002) Conditions of the market making hereby undertaken by Erste Befektetési Zrt. Market making period within trading hours: Free trading period Bid-ask spread: Market maker median price +/- 20% Minimum order quantity: 100 pieces Validity date of market maker agreement: By termination of the certificate Date: 09.08.2018 _______________________________________ Erste Befektetési Zrt. .
Load more

Recommended publications
  • DECLARATION in Accordance with Point
    DECLARATION In accordance with point 18. of the Market Maker Agreement concluded by and between Erste Befektetési Zrt. and Budapest Stock Exchange, Erste Befektetési Zrt. hereby declare that the company undertakes the market making of the following securities with the conditions described below: -Erste BUX Turbo Long 45 Warrant (ISIN: AT0000A2N9T8; Ticker: EBBUXTL45) Conditions of the market making hereby undertaken by Erste Befektetési Zrt. Market making period within trading hours: Free trading period Bid -ask spread: Market maker median p rice +/ - 20% Minimum order quantity: 100 pieces Validity date of market maker agreement: By termination of the certificate Date: 20.01.2021 _______________________________________ Erste Befektetési Zrt. DECLARATION In accordance with point 18. of the Market Maker Agreement concluded by and between Erste Befektetési Zrt. and Budapest Stock Exchange, Erste Befektetési Zrt. hereby declare that the company undertakes the market making of the following securities with the conditions described below: -Erste BUX Turbo Long 46 Warrant (ISIN: AT0000A2N9U6; Ticker: EBBUXTL46) Conditions of the market making hereby undertaken by Erste Befektetési Zrt. Market making period within trading hours: Free trading period Bid -as k spread: Market maker median price +/ - 20% Minimum order quantity: 100 pieces Validity date of market maker agreement: By termination of the certificate Date: 20.01.2021 _______________________________________ Erste Befektetési Zrt. DECLARATION In accordance with point 18. of the Market Maker Agreement concluded by and between Erste Befektetési Zrt. and Budapest Stock Exchange, Erste Befektetési Zrt. hereby declare that the company undertakes the market making of the following securities with the conditions described below: -Erste BUX Turbo Long 47 Warrant (ISIN: AT0000A2N9V4; Ticker: EBBUXTL47) Conditions of the market making hereby undertaken by Erste Befektetési Zrt.
    [Show full text]
  • Are Market Makers Uninformed and Passive? Signing Trades in the Absence of Quotes
    Federal Reserve Bank of New York Staff Reports Are Market Makers Uninformed and Passive? Signing Trades in the Absence of Quotes Michel van der Wel Albert J. Menkveld Asani Sarkar Staff Report no. 395 September 2009 This paper presents preliminary findings and is being distributed to economists and other interested readers solely to stimulate discussion and elicit comments. The views expressed in the paper are those of the authors and are not necessarily reflective of views at the Federal Reserve Bank of New York or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. Are Market Makers Uninformed and Passive? Signing Trades in the Absence of Quotes Michel van der Wel, Albert J. Menkveld, and Asani Sarkar Federal Reserve Bank of New York Staff Reports, no. 395 September 2009 JEL classification: G10, G14, G12, G19 Abstract We develop a new likelihood-based approach to signing trades in the absence of quotes. This approach is equally efficient as the existing Markov-chain Monte Carlo methods, but more than ten times faster. It can address the occurrence of multiple trades at the same time and allows for analysis of settings in which trade times are observed with noise. We apply this method to a high-frequency data set of thirty-year U.S. Treasury futures to investigate the role of the market maker. Most theory characterizes the market maker as an uninformed, passive supplier of liquidity. Our findings suggest, however, that some market makers actively demand liquidity for a substantial part of the day and that they are informed speculators.
    [Show full text]
  • NYSE Arca, Inc
    NYSE Arca, Inc. Application for Market Maker* Registration *Includes Market Maker & Lead Market Maker TABLE OF CONTENTS Page Application Process 2 Checklist 3 Explanation of Terms 4 Application for Market Maker (Sections 1-5) 5-10 Revised October 2018 1 of 10 Application Process Filing Requirements Prior to submitting the Application to become a Market Maker, an applicant Broker-Dealer must have completed the Equity Trading Permit (“ETP”) application. A firm will not be eligible for approval as a Market Maker until after their ETP application is approved. Checklist Applicant ETP must complete and submit all materials as required in this Application Checklist (page 4) to [email protected]. If you have questions regarding the application, you may direct them to NYSE Arca Client Relationship Services: Email: [email protected]; Phone: (212) 896-2830. Application Process • Following submission of the Application for Market Maker Registration and supporting documents, NYSE Arca will review the application for completeness, assess the firm’s capital sufficiency, review registration and disclosure information for the Applicant and each listed Market Maker Authorized Trader, and review the Applicant’s written supervisory procedures. • Applicant ETP Broker-Dealers must designate within Section 1 whether they are applying as a Market Maker ETP (“METP”), and/or as a Lead Market Maker ETP (“LETP”). • Applicants who have completed and returned all documents without indication of a statutory disqualification, outstanding debt, civil judgment actions and/or regulatory disciplinary actions will be reviewed by NYSE Arca for approval or disapproval. • NYSE Arca will notify the applicant Broker-Dealer in writing of their decision.
    [Show full text]
  • Market Making Contracts, Firm Value, and the IPO Decision*
    Market Making Contracts, Firm Value, and the IPO Decision* Hendrik Bessembinder University of Utah Jia Hao University of Michigan Kuncheng Zheng University of Michigan This Draft: December 2014 Abstract: We examine the effects of secondary market liquidity on firm value and the decision to conduct an Initial Public Offering (IPO). Competitive liquidity provision can lead to market failure as the IPO either does not occur or the IPO price is discounted to reflect that some welfare-enhancing secondary trades do not occur. Market failure arises when uncertainty regarding fundamental value and asymmetric information are large in combination. In these cases, firm value and social welfare are improved by a contract where the firm engages a Designated Market Maker (DMM) to enhance liquidity. Our model implies that such contracts represent a market solution to a market imperfection, particularly for small growth firms. In contrast, proposals to encourage IPOs by use of a larger tick size are likely to be counterproductive. Earlier versions of this manuscript were titled “Market Making Obligations and Firm Value.” The authors thank Robert Battalio, Thierry Foucault, David Hirshleifer, Michael Lemmon, Marios Panayides, Hans Stoll, Avanidhar Subrahmanyam, an anonymous Associate Editor, two anonymous referees, as well as seminar participants at Northwestern University, University of Washington, University of Pittsburgh, Brigham Young University, University of Illinois, Case Western Reserve University, Cass Business School, Southern Methodist University, University of Texas at Austin, the New Economic School, University of Auckland, University of Sydney, University of California at Irvine, Pontifica Universidade Catolica, Fundacao Getulio Vargas, Arizona State University, Cheung Kong Graduate School, Tsinghua University, the Asian Bureau of Finance and Economic Research Conference, the 2013 Financial Management Association Conference, York University, University of Michigan, and Babson College for useful comments.
    [Show full text]
  • What Is a Regulation SHO Bona-Fide Market Maker?
    What is a Regulation SHO bona-fide market maker? Larry E. Bergmann and James P. Dombach Abstract Larry E. Bergmann Purpose – To summarize and analyze guidance provided by the US Securities and Exchange (Larry.Bergmann@ Commission (“SEC”) on what constitutes “bona-fide market making” for purposes of Regulation SHO’s mmlawus.com) and exception to the locate requirement. James P. Dombach Design/methodology/approach – Explains SEC guidance on this subject, focusing on statements by (James.Dombach@ the SEC and its staff related to Regulation SHO and SEC enforcement matters, including a recent SEC mmlawus.com) are both administrative proceeding providing concrete examples of activity that does not constitute bona-fide attorneys at Murphy & market making. McGonigle P.C. in Findings – While there is still a lot of room for additional SEC guidance on what constitutes bona-fide Washington, DC, USA. market making, the SEC has provided some details on the specific type of trading that would not fall within the Regulation SHO exceptions applying to bona-fide market making activities. However, there is still a large gap between the type of activity that most likely falls within the exception and the concrete examples analyzed by the SEC. Originality/value – Practical guidance from experienced securities lawyers that consolidates SEC guidance on the bona-fide market making exception. Keywords Broker-dealer, US Securities and Exchange Commission (SEC), Bona-fide market making, Regulation SHO Paper type Technical paper Introduction What is a Regulation SHO bona-fide
    [Show full text]
  • Analysis on Market Maker System in the NEEQ
    International Journal of Business and Social Science Volume 9 • Number 2 • February 2018 Analysis on Market Maker System in the NEEQ Weibin Luo Department of Accountancy Central University of Finance and Economics 39th South College Road, Haidian District, Beijing China Abstract This paper introduces the development of the NEEQ and the present situation of listed enterprises in the NEEQ, explains the trading system of the market maker system, and analyzes the revenues and the risks of the market makers, and then points out the existing problems of the market maker system. This paper finally offers some proposals of countermeasures and suggestions on perfecting market maker system in the NEEQ. Keywords: Market Maker System, NEEQ, Quotation, Supervision. 1. Introduction The NEEQ (National Equities Exchange and Quotations) is the third national securities exchange in China after Shanghai Stock Exchange and Shenzhen Stock Exchange, and is the first company system securities exchange place which has been approved by the State Council. According to the objective of constructing a sound, multi- level, highly developed securities market, the securities market system in China should be composed by the Shanghai and Shenzhen main board market, the Shenzhen small and medium sized board and growth enterprise market, and the NEEQ over-the-counter market. These three levels of market form the shape of Pyramid, where the Shanghai and Shenzhen main board market is the top, the small and medium-sized board and growth enterprise board are the middle part, and the NEEQ over-the-counter market is the base of the Pyramid. The NEEQ in China was established in 2006, and developed slowly before 2013.
    [Show full text]
  • Automated Market Makers That Enable New Settings: Extending Constant-Utility Cost Functions
    1 Automated Market Makers That Enable New Settings: Extending Constant-Utility Cost Functions Abraham Othman and Tuomas Sandholm Computer Science Department, Carnegie Mellon University, faothman,[email protected] Summary. Automated market makers are algorithmic agents that provide liquidity in electronic markets. We construct two new automated market makers that each solve an open problem of theoretical and practical interest. First, we formulate a market maker that has bounded loss over separable measure spaces. This opens up an exciting new set of domains for prediction markets, including markets on locations and markets where events correspond to the natural numbers. Second, by shifting profits into liquidity, we create a market maker that has bounded loss in addition to a bid/ask spread that gets arbitrarily small with trading volume. This market maker matches important attributes of real human market makers and suggests a path forward for integrating automated market making agents into markets with real money. 1.1 Introduction Automated market makers are algorithmic agents responsible for maintaining open interest in electronic markets, and they have been applied successfully to create new prediction markets that would not exist without the interven- tion of liquidity-providing agents. For instance, the Gates Hillman Prediction Market successfully forecast a fine-grained probability distribution over poten- tial opening dates for the new computer science buildings at Carnegie Mellon University [Othman and Sandholm, 2010], and Yoopick was a Facebook ap- plication that allowed users to predict point spreads with far more detail than in traditional sports betting [Goel et al., 2008]. In this paper, we develop two new automated market makers that can be applied to new domains.
    [Show full text]
  • Nasdaq Market Center Systems Description
    I. Introduction and Background The Nasdaq Market Center is a fully integrated order display and execution system for all Nasdaq National Market securities, Nasdaq SmallCap Market securities, and securities listed on other markets. The Nasdaq Market Center is a voluntary, open- access system that accommodates diverse business models and trading preferences. In contrast to traditional floor-based auction markets, Nasdaq has no single specialist through which transactions pass, but rather uses technology to aggregate and display liquidity and make it available for execution. The Nasdaq Market Center allows market participants to enter unlimited quotes and orders at multiple price levels. Quotes and orders of all Nasdaq Market Center participants are integrated and displayed via data feeds to market participants and other Nasdaq data subscribers. Nasdaq Market Center participants are able to access the aggregated trading interest of all other Nasdaq Market Center participants in accordance with an order execution algorithm that adheres to the principle of price-time priority.1 II. Nasdaq Market Participants The Nasdaq Market Center accommodates a variety of market participants. Market makers are securities dealers that buy and sell securities at prices displayed in Nasdaq for their own account (principal trades) and for customer accounts (agency trades). Market makers actively compete for investor orders by displaying quotations representing their buy and sell interest – plus customer limit orders – in securities quoted in the Nasdaq Market Center. By standing ready to buy and sell shares of a company’s stock, market makers provide to Nasdaq-listed companies and other companies quoted in the Nasdaq Market Center a valuable service.
    [Show full text]
  • First Year Paper
    Munich Personal RePEc Archive Stock Splits, A Survey Yildizhan, Celim Terry College of Business, University of Georgia 1 August 2006 Online at https://mpra.ub.uni-muenchen.de/53888/ MPRA Paper No. 53888, posted 25 Feb 2014 08:44 UTC Stock splits, a Survey Çelim Yıldızhan1 August, 2006 Abstract In this survey paper I summarize the literature's findings on the short-run and long-run effects of stock split announcements as well as what happens in the preceding and subsequent years around a stock split event. I also summarize how firm characteristics influence these results. Furthermore, I discuss the various theories regarding why splits occur and why stock return distributions change subsequent to split events. I specifically focus on the changes in the first and second moments of stock returns and analyze related theories such as optimal trading, optimal tick size, liquidity, and signaling. More importantly I present the pros and cons of each of these theories and discuss which of them are more plausible. I suggest that a combination of the several theories suggested in the literature can rationally explain the return distribution changes around stock splits. I conclude with suggestions for future research. JEL Classifications: G00, G10, G30 Keywords: Stock split, stock splits, split ex-date, split announcement, optimal tick size, clientele changes, survey on stock splits 1 Çelim Yıldızhan can be reached at Ross School of Business, University of Michigan, Ann Arbor, MI 48109, E- mail: [email protected] 1 Introduction and Motivation for the Review: In an efficient market, the market value of a firm‘s equity should be independent of the number of shares it has outstanding.
    [Show full text]
  • Glued to the TV Distracted Noise Traders and Stock Market Liquidity
    Glued to the TV Distracted Noise Traders and Stock Market Liquidity JOEL PERESS and DANIEL SCHMIDT * ABSTRACT In this paper we study the impact of noise traders’ limited attention on financial markets. Specifically we exploit episodes of sensational news (exogenous to the market) that distract noise traders. We find that on “distraction days,” trading activity, liquidity, and volatility decrease, and prices reverse less among stocks owned predominantly by noise traders. These outcomes contrast sharply with those due to the inattention of informed speculators and market makers, and are consistent with noise traders mitigating adverse selection risk. We discuss the evolution of these outcomes over time and the role of technological changes. ________________ *Joel Peress is at INSEAD. Daniel Schmidt (Corresponding author) is at HEC Paris, 1 rue de la Liberation, 78350 Jouy-en-Josas, France. Email: [email protected]. We are grateful to David Strömberg for sharing detailed news pressure data, including headline information, and to Terry Odean for providing the discount brokerage data. We thank Thierry Foucault, Marcin Kacperczyk, Yigitcan Karabulut, Maria Kasch, Asaf Manela, Øyvind Norli, Paolo Pasquariello, Joshua Pollet (the AFA discussant), Jacob Sagi, Paolo Sodini, Avi Wohl, Bart Yueshen, and Roy Zuckerman for their valuable comments, as well as seminar/conference participants at the AFA, EFA, 7th Erasmus Liquidity Conference, ESSFM Gerzensee, 2015 European Conference on Household Finance, UC Berkeley, Coller School of Management (Tel Aviv University), Marshall School of Business, Frankfurt School of Management and Finance, Hebrew University, IDC Arison School of Business, Imperial College Business School, University of Lugano, University of Paris-Dauphine, and Warwick Business School.
    [Show full text]
  • Mm Declaration 20181114
    DECLARATION In accordance with point 18. of the Market Maker Agreement concluded by and between Erste Befektetési Zrt. and Budapest Stock Exchange, Erste Befektetési Zrt. hereby declare that the company undertakes the market making of the following securities with the conditions described below: -Erste S&P 500 Turbo Long 43 Warrant (ISIN: AT0000A24T77; Ticker: EBSPTL43) Conditions of the market making hereby undertaken by Erste Befektetési Zrt. Market making period within trading hours: Free trading period Bid-ask spread: Market maker median price +/- 20% Minimum order quantity: 100 pieces Validity date of market maker agreement: By termination of the certificate Date: 12.11.2018 _______________________________________ Erste Befektetési Zrt. DECLARATION In accordance with point 18. of the Market Maker Agreement concluded by and between Erste Befektetési Zrt. and Budapest Stock Exchange, Erste Befektetési Zrt. hereby declare that the company undertakes the market making of the following securities with the conditions described below: -Erste S&P 500 Turbo Long 44 Warrant (ISIN: AT0000A24T85; Ticker: EBSPTL44) Conditions of the market making hereby undertaken by Erste Befektetési Zrt. Market making period within trading hours: Free trading period Bid-ask spread: Market maker median price +/- 20% Minimum order quantity: 100 pieces Validity date of market maker agreement: By termination of the certificate Date: 12.11.2018 _______________________________________ Erste Befektetési Zrt. DECLARATION In accordance with point 18. of the Market Maker Agreement concluded by and between Erste Befektetési Zrt. and Budapest Stock Exchange, Erste Befektetési Zrt. hereby declare that the company undertakes the market making of the following securities with the conditions described below: -Erste Henry Hub Turbo Long 47 Warrant (ISIN: AT0000A24T93; Ticker: EBHENHUBTL47) Conditions of the market making hereby undertaken by Erste Befektetési Zrt.
    [Show full text]
  • On the Nature of Trading
    On the Nature of Trading Do speculators leave footprints? William L. Silber rading is a risky business. How risky depends on exactly what traders do to make money. We identify two types of traders: 1) speculators, sometimes referred to as proprietary traders, Twho earn money trying to anticipate the direction of future price movements; and 2) customer-based traders, usually called market makers, who earn money on the bid-ask spread without speculating on future prices. Cus- tomer-based trading is less risky than speculation. Thus, assessing a trading firm’s risk exposure and its implications for appropriate capital requirements depends in part on distinguishing high-risk speculators from low-risk mar- ket makers. Separating speculators from market makers is dif- ficult in practice. The problem is that speculators some- times have customers, allowing them to look like market makers. And market makers sometimes become specu- lators despite their regular access to customers. We explain how an outsider such as a potential merger partner or a regulator can verify the trading pro- The Journal of Portfolio Management 2003.29.4:64-70. Downloaded from www.iijournals.com by NEW YORK UNIVERSITY on 08/12/10. It is illegal to make unauthorized copies of this article, forward an user or post electronically without Publisher permission. file of a firm. That is, we will show how trading records describing the evolution of a position over time can help us discriminate between market makers and speculators. Understanding and verifying trader behavior is WILLIAM L. SILBER is the important, because leveraged trading firms and individ- Marcus Nadler professor of ual traders have traditional incentives to mask their risk- finance and economics at the taking activities (see Jensen and Meckling [1976]).
    [Show full text]