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E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
1 J U L Y 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 1 ( 1 7 )
Market Maker Fee List
Table of Contents
EQUITY DERIVATIVES
DANISH DERIVATIVES FINNISH DERIVATIVES NORWEGIAN DERIVATIVES SWEDISH DERIVATIVES PAN-NORDIC DERIVATIVES OVERUNDER (BINARY OPTIONS)
FIXED INCOME DERIVATIVES
NON-PERFORMING MARKET MAKERS
The Market Maker’s number of traded contracts with respect to the different MM Levels mentioned below
shall be determined by reference to the total number of contracts traded in the relevant currency and product
(for example, “Stock options & Stock forwards” and “Stock index options & Stock index futures” are two
separate products). That is, in terms of number of contracts traded in a particular currency and product, the
Market Maker’s number of traded contracts are determined not only by contracts traded in instruments where
it acts as a market maker. This is applicable to both Small and Large Market Makers.
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 2 ( 18)
EQUITY DERIVATIVES
Danish derivatives
Options and futures on Danish shares (DKax) traded in DKK
Fee
Transaction Nordic MM:
DKK 0.75 per contract
MM:
Stock options and Stock futures are traded according to different fee levels based on yearly accumulated volume
(calendar year)
MM level 1: 1 – 300 000 contracts
(contracts not traded at discount fee)
DKK 1.00 per contract
MM level 2: 300 001 – contracts **
DKK 0.50 per contract
No fee required for stock options with a premium of DKK 0.05 or less
(For transactions part of an Average Price Trade , no fee is required if average premium is DKK 0.05 or less)
Close-out transactions on futures are free of charge
Volume
discount stock
options
Maximum fee is DKK 8 000 per transaction
Volume
discount stock
futures
Maximum fee is DKK 5 000 per transaction
Maximum 8 000 contracts per transaction will be accumulated to Market Maker’s yearly/monthly volume.
Contracts traded at no fee will not be accumulated to Market Maker’s yearly/monthly volume.
Exercise and
Assignment
0.03% of the exercise amount*) but not more than DKK 8 000 per position exercised
Exercise and
Assignment,
Nordic MM
0.025% of the exercise amount*) but not more than DKK 8 000 per position exercised
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 3 ( 18)
Danish stock index options and stock index futures (OMXC20CAP) traded in DKK
Fee
Transaction
and closing
Nordic MM:
DKK 0.75 per contract
MM:
Stock index options and Stock index futures are traded according to different fee levels based on yearly
accumulated volume (calendar year)
MM level 1a: 1 – 100 000 contracts
(contracts not traded at discount fee)
DKK 1.00 per contract
MM level 1b: 100 001 – 200 000 contracts **
(contracts not traded at discount fee)
DKK 0.75 per contract
MM level 2: 200 001 – contracts **
DKK 0.25 per contract
Contracts traded at no fee will not be accumulated to Market Maker’s yearly/monthly volume.
No fee required for stock index options with a premium of DKK 0.10 or less
(For transactions part of an Average Price Trade , no fee is required if average premium is DKK 0.10 or less)
Flexible contracts (DKax, OMXC20CAP) traded in DKK
The fees specified above are also applicable for Flexible contracts.
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 4 ( 18)
Finnish derivatives
Options and forwards on Finnish shares (FIax) traded in EURO
Fee
Transaction
Stock options and stock forwards are traded according to different fee levels based on yearly accumulated
volume
MM level 1: 1 – 600 000 contracts
EUR 0.10 per contract
MM level 2: 600 001 – contracts **
EUR 0.05 per contract
Maximum 8000 contracts per transaction will be accumulated to yearly volume
Volume
discount stock
options
Maximum fee is EUR 800 per transaction
Volume
discount stock
forwards
Maximum fee is EUR 600 per transaction
Exercise and
Assignment
0.03% of the exercise amount*) but not more than EUR 800 per position exercised
Flexible contracts (FIax) traded in EURO
The fees specified above are also applicable for Flexible contracts.
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 5 ( 18)
Norwegian derivatives
Norwegian derivatives
Revenue
Sharing
NASDAQ OMX’ monthly revenues from Norwegian derivatives shall be shared with the members trading
Norwegian derivatives in accordance with appendix 9 of the Exchange Rules.
Options (incl. Weekly Options), forwards and futures on Norwegian shares (NNOax and weekly options)
traded in NOK
Fee
Transaction Nordic MM:
NOK 0.38 per contract
Regular MM, Advanced MM, and Advanced Extra MM:
Stock options, stock forwards and stock futures are traded according to different fee levels based on yearly
accumulated volume (calendar year)
Regular MM level 1: 1 – 400 000 contracts
NOK 1.00 per contract
Advanced MM level 1: 1 – 400 000 contracts
NOK 0.75 per contract regarding contracts traded electronically or via MPS (the Exchange’s manual exchange
trading system)
NOK 1.00 per contract regarding other transactions
Advanced Extra MM level 1: 1 – 400 000 contracts
NOK 0.50 per contract regarding contracts traded electronically or via MPS (the Exchange’s manual exchange
trading system)
NOK 1.00 per contract regarding other transactions
Regular, Advanced MM and Advanced Extra MM level 2: 400 001 – contracts **
NOK 0.25 per contract
No fee required for stock options with a premium of NOK 0.05 or less
(For transactions part of an Average Price Trade , no fee is required if average premium is NOK 0.05 or less)
Close-out transactions on futures are free of charge
Maximum 8 000 contracts per transaction will be accumulated to yearly volume.
Contracts traded at no fee will not be accumulated to yearly volume.
Transaction,
Weekly
Options Market
Maker
Market Makers that have signed the Market Maker Commitment for Norwegian Single Stock Weekly options:
NOK 0 per contract regarding contracts traded electronically or via MPS
NOK 1.00 per contract regarding other transactions
Volume
discount stock
options
Maximum fee is NOK 8 000 per transaction
Volume
discount stock
forwards and
futures
Maximum fee is NOK 6 000 per transaction
Exercise and
Assignment
0.03% of the exercise amount*) but not more than NOK 8 000 per position exercised
Exercise and
Assignment,
Nordic MM
0.025% of the exercise amount*) but not more than NOK 8 000 per position exercised
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 6 ( 18)
Norwegian stock index options and stock index futures (OMXO20) traded in NOK
Fee
Transaction
and closing
Nordic MM:
Options: NOK 0.45 per contract
Futures: NOK 0.30 per contract
Regular MM:
NOK 0.60 per contract
Advanced MM:
(contracts not traded at discount or BTF fees)
NOK 0.45 per contract regarding contracts traded electronically or via MPS (the Exchange’s manual exchange
trading system)
NOK 0.60 per contract regarding other transactions and closing
Advanced Extra MM:
(contracts not traded at discount or BTF fees)
Options
NOK 0.45 per contract regarding contracts traded electronically or via MPS (the Exchange’s manual exchange
trading system)
NOK 0.60 per contract regarding other transactions and closing
Futures
NOK 0.30 per contract regarding contracts traded electronically or via MPS (the Exchange’s manual exchange
trading system)
NOK 0.60 per contract regarding other transactions and closing
No fee required for stock index options with a premium of NOK 0.10 or less
(For transactions part of an Average Price Trade , no fee is required if average premium is NOK 0.10 or less)
Fee holiday: No fee for index options and futures until December 31, 2016.
Flexible contracts (NNOax, OMXO20) traded in NOK
The fees specified above are also applicable for Flexible contracts.
Fee holiday: No fee for index options and futures until December 31, 2016.
Discontinued Advanced Market Maker (AMM) undertaking: If the AMM chooses to discontinue its undertaking and choose another MM
undertaking in lieu of the AMM undertaking the number of traded contracts used for the volume rebate will be set to zero at the start of the
new undertaking.
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 7 ( 18)
Swedish derivatives
Options (incl. Weekly Options), forwards and futures on Swedish shares and Exchange Traded Funds (SEax,
SDB, SEetf and weekly options) traded in SEK
Fee
Transaction,
Nordic MM
NMM level 1: SEK 0.38 per contract
NMM level 2: SEK 0.36 per contract
NMM level 2 fee is charged during the quarter following a calendar quarter in which the Nordic MM reaches
both the below volume thresholds:
Danish stock and stock index derivatives: 60 000 traded contracts (excluding contracts free of charge)
Norwegian stock and stock index derivatives: 60 000 traded contracts (excluding contracts free of charge)
Transaction
(Annual
Market Maker
Fee Model)
Options, forwards and futures are traded according to different fee levels based on yearly accumulated volume
(calendar year)
Regular MM level 1: 1 – 2 000 000 contracts
SEK 1.00 per contract
Advanced MM level 1a: 1 – 1 000 000 contracts
SEK 0.75 per contract regarding contracts traded electronically or via MPS (the Exchange’s manual exchange
trading system)
SEK 1.00 per contract regarding other transactions
Advanced MM level 1b: 1 000 001 – 2 000 000 contracts **
SEK 0.50 per contract regarding contracts traded electronically or via MPS
SEK 0.75 per contract regarding other transactions
Regular and Advanced MM level 2: 2 000 001 – contracts **
SEK 0.25 per contract
Transaction
(Monthly
Market Maker
Fee Model)
Options, forwards and futures are traded according to different fee levels based on monthly accumulated volume
(calendar month)
Regular MM level 1: 1 – 180 000 contracts
SEK 1.00 per contract
Advanced MM level 1a: 1 – 90 000 contracts
SEK 0.75 per contract regarding contracts traded electronically or via MPS (the Exchange’s manual exchange
trading system)
SEK 1.00 per contract regarding other transactions
Advanced MM level 1b: 90 001 – 180 000 contracts
SEK 0.50 per contract regarding contracts traded electronically or via MPS
SEK 0.75 per contract regarding other transactions
Regular and Advanced MM level 2: 180 001 – contracts
SEK 0.25 per contract
Transaction,
Weekly
Options Market
Maker
Market Makers that have signed the Market Maker Commitment for Swedish Single Stock Weekly options:
SEK 0 per contract regarding contracts traded electronically or via MPS
SEK 1.00 per contract regarding other transactions
Volume
discount stock
options
Maximum fee is SEK 8 000 per transaction
Volume
discount stock
forwards and
futures
Maximum fee is SEK 6 000 per transaction
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 8 ( 18)
No fee required for options with a premium of SEK 0.05 or less
(For transactions part of an Average Price Trade , no fee is required if average premium is SEK 0.05 or less)
Close-out transactions on futures are free of charge
Maximum 8 000 contracts per transaction will be accumulated to Market Maker’s yearly/monthly volume.
Contracts traded at no fee will not be accumulated to Market Maker’s yearly/monthly volume.
Exercise and
Assignment
0.03% of the exercise amount*) but not more than SEK 8 000 per position exercised
Exercise and
Assignment,
Nordic MM
0.025% of the exercise amount*) but not more than SEK 8 000 per position exercised
Swedish stock index options (monthly and weekly) and stock index futures (OMXS30, OMXSB) traded in SEK
Fee
Transaction
and closing,
Nordic MM
NMM level 1: SEK 0.75 per contract
NMM level 2: SEK 0.70 per contract
NMM level 2 fee is charged during the quarter following a calendar quarter in which the Nordic MM reaches
both the below volume thresholds:
Danish stock and stock index derivatives: 60 000 traded contracts in calendar quarter
Norwegian stock and stock index derivatives: 60 000 traded contracts in calendar quarter
Transaction
and closing
(Annual
Market Maker
Fee Model)
Stock index options and Stock index futures are traded according to different fee levels based on yearly
accumulated volume (calendar year)
Regular MM level 1: 1 – 1 000 000 contracts
(contracts not traded at discount fees)
SEK 2.00 per contract
Advanced MM level 1: 1 – 1 000 000 contracts
(contracts not traded at discount fees)
SEK 1.50 per contract regarding contracts traded electronically or via MPS (the Exchange’s manual exchange
trading system)
SEK 2.00 per contract regarding other transactions
SEK 0.25 per index option contract if preceding calendar year’s total volume (contracts not traded at discount
fees) exceeded 3 000 000 index option contracts***
SEK 0.50 per index option contract if preceding calendar year’s total volume (contracts not traded at discount
fees) exceeded 2 500 000 index option contracts***
Regular and Advanced MM level 2: 1 000 001 – contracts **
SEK 0.25 per contract
SEK 0.50 per index option contract if preceding calendar year’s total volume (contracts not traded at discount
fees) exceeded 2 500 000 index option contracts***
Transaction
and closing
(Monthly
Market Maker
Fee Model)
Stock index options and Stock index futures are traded according to different fee levels based on monthly
accumulated volume (calendar month)
Regular MM level 1: 1 – 100 000 contracts
(contracts not traded at discount fees)
SEK 2.00 per contract
Advanced MM level 1: 1 – 100 000 contracts
(contracts not traded at discount fees)
SEK 1.50 per contract regarding contracts traded electronically or via MPS (the Exchange’s manual exchange
trading system)
SEK 2.00 per contract regarding other transactions
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 9 ( 18)
Regular and Advanced MM level 2: 100 001 – contracts
SEK 0.25 per contract
No fee required for stock index options with a premium of SEK 0.10 or less
(For transactions part of an Average Price Trade , no fee is required if average premium is SEK 0.10 or less)
Fee for stock index options is capped at 5 000 contracts per transaction.
If a Market Maker Undertaking (i.e. Appendix A to Market Making Undertakings in Swedish Instruments) has
been signed for both weekly and monthly index options (OMXS30), the volumes will be aggregated to one
accumulated volume per calendar year.
Note: To be eligible for Market Maker fees for weekly index options (OMXS30), the Market Maker has to sign
and fulfill the requested Market Maker Undertaking (i.e. Appendix A to Market Making Undertakings in
Swedish Instruments) for such contract type.
Specific
volume
requirements
for Swedish
stock index
options and
Swedish stock
index futures
In addition to any requirements set out in the Market Maker Agreement and the Market Maker Undertaking, a
Market Maker must meet at least one of the two below volume thresholds in each calendar quarter to be entitled
to the fees listed above in this appendix (Swedish stock index options (monthly and weekly) and stock index
futures (OMXS30, OMXSB) traded in SEK). A Market Maker that does not fulfill this requirement in a specific
calendar quarter will be charged the proprietary fees for Swedish stock index options and Swedish stock index
futures set out in Appendix 3B (Proprietary Fee list) during the two subsequent calendar quarters. The fees in the
Proprietary Fee list will apply for the two subsequent calendar quarters regardless of the Market Maker during
these two calendar quarters fulfills the requirement. However, after such two calendar quarters and provided that
the Market Maker meets the requirement the Market Maker shall be entitled to the fees listed above in this
appendix,
Minimum required volumes for Market Makers:
Threshold 1: A Market Maker must trade a minimum of 50 000 Swedish stock index option contracts on its
Market Maker Accounts during a calendar quarter.
Threshold 2: A Market Maker’s number of Swedish stock index option contracts traded on its Market Maker
Accounts during one calendar quarter must exceed 10% of the Market Maker’s total number of traded Swedish
stock index futures contracts during the same quarter.
Stock index options traded at no fee will not be included in traded volumes
Swedish stock index dividend futures (OMXS30DVP) traded in SEK
Fee
Transaction and closing
Stock index dividend futures are traded according to different fee levels based on yearly accumulated volume (calendar year).
MM level 1: 1 – 50 000 contracts
SEK 0.50 per contract
MM level 2: 50 001 – contracts **
SEK 0.25 per contract
Fee for stock index dividend futures is capped at 5 000 contracts per transaction.
Stock index dividend futures traded at no fee will not be included in accumulated yearly volume.
Note: To be eligible for Market Maker fees for stock index dividend futures (OMXS30DVP), the Market Maker has to sign and fulfill the requested Market Maker Undertaking for such contract type.
Flexible contracts (SEax, SDB, OMXS30, OMXSB) traded in SEK
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 1 0 ( 18)
The fees specified above are also applicable for Flexible contracts.
Switch between monthly and yearly fee model: Should the Market Maker choose to change fee model from the monthly to the yearly MM
fee model the number of traded contracts used for the volume rebate will be set to zero at the implementation of the new fee model. Discontinued Advanced Market Maker (AMM) undertaking: If the AMM chooses to discontinue its undertaking and choose another MM
undertaking in lieu of the AMM undertaking the number of traded contracts used for the volume rebate will be set to zero at the start of the
new undertaking.
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 1 1 ( 18)
Pan-Nordic derivatives
Nordic stock index options and stock index futures traded in EURO
Fee
Transaction
and closing,
VINX30
Stock index options and Stock index futures are traded according to different fee levels based on yearly
accumulated volume
MM level 1: 1 – 1 000 000 contracts
EUR 0.15 per contract
MM level 2: 1 000 001 – contracts **
EUR 0.03 per contract
Flexible contracts (VINX30) traded in EURO
The fees specified above are also applicable for Flexible contracts.
OverUnder (Binary options)
OverUnder (Binary options)
No fee for Market Makers with quoting obligations in binary options. No fee applies only to binary options on underlying
instruments where the MM has quoting obligations.
Fees in binary options on underlying instruments where the MM does not have a quoting obligation can be found in Appendix 14.
Fees for members without quoting obligations in binary options can be found in Appendix 14.
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 1 2 ( 18)
Fixed Income Derivatives Fixed income products (OMr) - Market Maker Fee
Transaction Fees for proprietary transactions by account holders who are associated as quoters on the fixed income derivatives markets.
New fee levels are only applied on fees in relation to events that occur after the day when the respective threshold has been reached.
Fees for standardized derivatives as specified in relevant tables below are expressed as one of the following fee types:
Yield/BP: Trade Yield Raised/lowered with basis points CCY/Contract: Currency units in respective fee currency and per contract.
Standardized Derivatives
Transaction and Closing fee Delivery fee
Product Fee CCY Fee Type Base Fee Level 1 Fee Level 2 Fee Level 3 Fee Fee Type Fee
Swedish Government bond futures
SGB2Y SEK Yield/BP 0,012 0,009 0,006 0,003 CCY/Contr 65 *
SGB5Y SEK Yield/BP 0,012 0,009 0,006 0,003 CCY/Contr 65 *
SGB10Y SEK Yield/BP 0,012 0,009 0,006 0,003 CCY/Contr 65 *
Nbr of Contracts in same series to reach new fee level: >10.000 >20.000 >50.000
Swedish Mortgage bond futures
STH2Y SEK Yield/BP 0,006 0,0045 0,003 CCY/Contr 65 *
NDH2Y SEK Yield/BP 0,006 0,0045 0,003 CCY/Contr 65 *
SWH2Y SEK Yield/BP 0,006 0,0045 0,003 CCY/Contr 65 *
STH5Y SEK Yield/BP 0,006 0,0045 0,003 CCY/Contr 65 *
NDH5Y SEK Yield/BP 0,006 0,0045 0,003 CCY/Contr 65 *
SWH5Y SEK Yield/BP 0,006 0,0045 0,003 CCY/Contr 65 *
SCBC5Y SEK Yield/BP 0,006 0,0045 0,003 CCY/Contr 65 *
Nbr of Contracts in same series to reach new fee level: >10.000 >20.000
Danish Mortgage bond futures
MBF DKK CCY/Contr 15 12 9 CCY/Contr 15 **
Nbr of MBF contracts per month to reach new fee level: >2.500 >5.000
** Max Closing fee 10,000 DKK per series
* Max Delivery fee 25,000 SEK per series
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 1 3 ( 18)
Standardized Derivatives
Transaction and Closing fee
Product Fee CCY Fee Type Base Fee Level 1 Fee
STIBOR FRA forwards
FRA SEK Yield/BP 0,039 0,025
Nbr of Contracts in same series to reach new fee level: >100.000
NIBOR FRA forwards
3NFRA NOK Yield/BP 0,039 0,025
6NFRA NOK Yield/BP 0,025
Nbr of Contracts in same series to reach new fee level: >100.000
STIBOR FRA futures
3STIBFRA SEK Yield/BP 0,039 0,025
Nbr of 3STIBFRA contracts per year to reach new fee level: >500.000
NIBOR FRA futures
3NIBFRA NOK Yield/BP 0,039 0,025
6NIBFRA NOK Yield/BP 0,025
Nbr of 3NFRA contracts per year to reach new fee level: >500.000
CIBOR futures
CIBOR DKK CCY/Contr 1 0,8
Nbr of CIBOR contracts per month to reach new fee level: >50.000
RIBA futures
RIBA SEK CCY/Contr 1 0,8
Nbr of RIBA contracts per year to reach new fee level: >200.000
Options on STIBOR FRA forwards and futures
FRA, 3STIBFRA option SEK CCY/Contr 0,35
Options on NIBOR FRA forwards and futures
3NFRA, 3NIBFRA option NOK CCY/Contr 0,35
6NFRA, 6NIBFRA option NOK CCY/Contr 0,35
Options on Government Bond futures
SGB2Y option SEK CCY/Contr 1
SGB5Y option SEK CCY/Contr 2,5
SGB10Y option SEK CCY/Contr 3,5
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 1 4 ( 18)
Fees for Generic Rates Instruments are expressed in currency units in respective fee currency and per million notional
Generic Rates Instruments
Transaction fee Settlement fee
Product Fee CCY
Base Fee
Level 1 Fee
Level 2 Fee
Level 3 Fee
Base Fee
Level 1 Fee
Level 2 Fee
Level 3 Fee
SEK IRS SEK 3 2,25 1,8 0,9 1,5 1,125 0,9 0,45
SEK OIS SEK 1 0,75 0,6 0,3 1 0,75 0,6 0,3
SEK FRA SEK 1 0,75 0,6 0,3 1 0,75 0,6 0,3
EUR IRS 3M EUR 3 2,25 1,8 0,9 1,5 1,125 0,9 0,45
EUR IRS 6M EUR 3 2,25 1,8 0,9 3 2,25 1,8 0,9
EUR FRA 3M EUR 1 0,75 0,6 0,3 1 0,75 0,6 0,3
EUR FRA 6M EUR 1 0,75 0,6 0,3 1 0,75 0,6 0,3
DKK IRS 3M DKK 3 2,25 1,8 0,9 1,5 1,125 0,9 0,45
DKK IRS 6M DKK 3 2,25 1,8 0,9 3 2,25 1,8 0,9
DKK FRA 3M DKK 1 0,75 0,6 0,3 1 0,75 0,6 0,3
DKK FRA 6M DKK 1 0,75 0,6 0,3 1 0,75 0,6 0,3
NOK IRS 6M NOK 3 2,25 1,8 0,9 3 2,25 1,8 0,9
NOK FRA 6M NOK 1 0,75 0,6 0,3 1 0,75 0,6 0,3
Amount of yearly accumulated fees for Generic Rates Instruments to reach next fee level: See the Generic Rates Instrument Discount model below.
New fee levels are only applied on fees in relation to events that occur after the day when the respective threshold has been reached.
Fees for REPO Contracts are expressed in respective fee currency and calculated as (fee x SC x d/360)
Buy-sell-back/Sell-buy-back REPO Contracts
Transaction fee
Product Fee CCY Base Fee Level 1 Fee Level 2 Fee
REPO in Swedish Listed Bonds
SEK Repo SEK 0,00005 0,00004 0,00003 * Amount of Yearly accumulated Repo Fees to reach next fee level: >1.000.000 >2.000.000
REPO in Danish Listed Bonds
DKK Repo DKK 0,00005 **
* Minimum fee per trade is 25.00 SEK
* Minimum fee per trade is 20.00 DKK
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 1 5 ( 18)
Generic Rates Instruments Discount Model
Products included Generic Rates Instruments
Accounts Included Accounts held by holders who are
associated as quoters on the fixed income markets.
Threshold Discount on Base Fee
Level 1 >2.000.000 25% Level 2 >4.000.000 40% Level 3 >6.000.000 70%
General Information Regarding Generic Rates Instruments Discount Model
The Discount model is automatically applied on all accounts covered by this fee list and trading the Generic Rates Instruments.
Discount is granted when the aggregated paid Transaction and Settlement fees per instrument, currency and clearing account during a calendar year amount to the specified threshold per year.
Discount is applied to both settlement and transaction fees
Discount is only applied on fees in relation to events that occur after the day when the respective threshold has been reached.
The discounted fees are reset annually, i.e. at the start of each calendar year the ordinary base fees for transaction and settlement are applied.
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 1 6 ( 18)
NON-PERFORMING MARKET MAKERS
Non-performing Market Makers
In the event that the market maker does not fulfill its quoting obligations, the Market Maker shall during the month in
question pay an extra fee according to the table below. The fee is based on the number of contracts traded by the
Market Maker and the level of fulfillment (quoted in per cent). The fee level per contract depends on how many
consecutive months the obligations have not been fulfilled.
Stock index
options & Stock
index futures
Month 1 2 3 4
Nordic MM
% Quoted
% Quoted SEK
75-80 75-80 Warning 0.20 per
contract
0,30 per
contract
Prop fee
50-75 50-75 0,20 per
contract
0,30 per
contract
0,40 per
contract
Prop fee
< 50 < 50 0,30 per
contract
0,40 per
contract
0,50 per
contract
Prop fee
Nordic MM
% Quoted
% Quoted DKK
75-80 70-75 Warning 0.10 per
contract
0,15 per
contract
Prop fee
50-75 50-70 0,10 per
contract
0,15 per
contract
0,20 per
contract
Prop fee
< 50 < 50 0,15 per
contract
0,20 per
contract
0,25 per
contract
Prop fee
Nordic MM
% Quoted
% Quoted NOK
75-80 70-75 Warning 0.10 per
contract
0,15 per
contract
Prop fee
50-75 50-70 0,10 per
contract
0,15 per
contract
0,20 per
contract
Prop fee
< 50 < 50 0,15 per
contract
0,20 per
contract
0,25 per
contract
Prop fee
Stock options &
Stock
forwards/futures
Month 1 2 3 4
Nordic MM
% Quoted
% Quoted SEK
75-80 75-80 Warning 0.10 per
contract
0,15 per
contract
Prop fee
50-75 50-75 0,10 per
contract
0,15 per
contract
0,20 per
contract
Prop fee
< 50 < 50 0,15 per
contract
0,20 per
contract
0,25 per
contract
Prop fee
Nordic MM
% Quoted
% Quoted DKK
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 1 7 ( 18)
75-80 70-75 Warning 0.10 per
contract
0,15 per
contract
Prop fee
50-75 50-70 0,10 per
contract
0,15 per
contract
0,20 per
contract
Prop fee
< 50 < 50 0,15 per
contract
0,20 per
contract
0,25 per
contract
Prop fee
% Quoted EUR
70-75 Warning 0.01 per
contract
0,015 per
contract
Prop fee
50-70 0,01 per
contract
0,015 per
contract
0,02 per
contract
Prop fee
< 50 0,015 per
contract
0,02 per
contract
0,025 per
contract
Prop fee
Nordic MM
% Quoted
% Quoted NOK
75-80 70-75 Warning 0.10 per
contract
0,15 per
contract
Prop fee
50-75 50-70 0,10 per
contract
0,15 per
contract
0,20 per
contract
Prop fee
< 50 < 50 0,15 per
contract
0,20 per
contract
0,25 per
contract
Prop fee
Note: The above NOK fees are currently only applicable to Nordic Market Makers
E X C H A N G E R U L E S A N D C L E A R I N G R U L E S
O F N A S D A Q D E R I V A T I V E S M A R K E T S
2 1 S E P T E M B E R 2 0 1 6 • A P P E N D I X 3 A • F E E L I S T F O R M A R K E T M A K E R • P A G E 1 8 ( 18)
Non-performing Nordic MM:
Non-performing Nordic MM
Fee according to the above table for contracts traded in market segment where quoting obligations are not fulfilled.
An extra non-performing fee is charged on contracts traded in Swedish derivatives, according to the below.
The extra non-performing fee is not charged if, according to table above, for the failed market segment the Nordic MM is given a
warning only.
Failed market segment % Quoted Fee per contract, Swedish index
derivatives (per failed market segment)
SEK
Danish index options
Norwegian index options
Swedish index weekly options
75-80 0.02
50-75 0.04
< 50 0.06
Failed market segment % Quoted Fee per contract, Swedish stock
derivatives (per failed market segment)
SEK
Danish stock options
Norwegian stock options
Swedish stock weekly options
Norwegian stock weekly options
75-80 0.01
50-75 0.02
< 50 0.03
* = Fee is calculated per contract and is rounded off to three (3) decimals
** = Fee applies from the day following the day the MM level was exceeded
*** = including index weekly options only if designated MM in index weekly options