Specialist & Market Maker
Wiener Börse took the decision to introduce a Specialist system as of 1 April 1999. The Specialist system was designed in part as a supplement to the Market Maker system by introducing an additional broker function with the aim of increasing liquidity in the market. The task of the Specialists is to place firm, competitive buy and sell quotes into the system along with the Market Makers and, with the help of additional measures, to enhance market liquidity, thereby supporting the market making and marketing of securities and products. Specialists and Market Makers are under the obligation to place binding buy and sell prices (quotes) into the system during a certain period in continuous trading, which must comply with Market Makers' minimum size and maximum spread.
A trading participant who has assumed a Specialist or market making function shall be considered to have fulfilled its obligations if:
- in the course of one calendar month, it meets ≥ 65 % of its quotation obligations (Minimum Size and Maximum Spread) during the daily observation period,
- on not more than three trading days, it does fulfil < 65 % of its quotation obligations during the daily observation period for the respective trading day.
The daily observation period is the time between 09:15 and the end of trading on each trading day.
If the ATX fluctuates +/- 3% compared to the closing price of the previous day, the fast market regulation will be effective for Specialist and Market Maker in the market segments equity market.at, other securities.at and derivatives market.at – the respective obligations will be annulled by Wiener Börse AG and will not be taken into account for the specific trading day.
If a Specialist fails to fulfil its obligations within an observation month, there is a reverse of amounts booked for transactions concluded in the relevant month on the basis of principal fees.