Market making agreement
with Municipality Credit Iceland
Monday 22. December 2008 14:16
Municipality Credit Iceland Plc. (MCI) and Saga Capital have signed a market making agreement where Saga Capital acts as market maker for bonds issued by MCI on OMX Nordic Exchange in Iceland.
This means that Saga Capital will submit daily bid/ask offers for the MCI bond series LSS 150224 through NASDAQ OMX, before the market opens each day. The offers are only valid within that day.
The purpose of the agreement is to facilitate trading and improve liquidity in the MCI bond series on the NASDAQ OMX and to promote efficient and transparent price formation.
The terms of the agreement are as follows:
- Saga Capital is committed to make daily bid and offer quotes for the LSS 150224 on all trading days for a minimum of ISK 20.000.000 at nominal value at a share price decided by Saga Capital.
- Maximum bid/ask spread shall not exceed 1.0%.
- Saga Capital secures the amount of the total trade for one day to be at nominal value at maximum ISK 100.000.000.
This agreement is active as of today, 22 December 2008.
This means that Saga Capital will submit daily bid/ask offers for the MCI bond series LSS 150224 through NASDAQ OMX, before the market opens each day. The offers are only valid within that day.
The purpose of the agreement is to facilitate trading and improve liquidity in the MCI bond series on the NASDAQ OMX and to promote efficient and transparent price formation.
The terms of the agreement are as follows:
- Saga Capital is committed to make daily bid and offer quotes for the LSS 150224 on all trading days for a minimum of ISK 20.000.000 at nominal value at a share price decided by Saga Capital.
- Maximum bid/ask spread shall not exceed 1.0%.
- Saga Capital secures the amount of the total trade for one day to be at nominal value at maximum ISK 100.000.000.
This agreement is active as of today, 22 December 2008.