Tender procedure
A tender procedure is conducted by Wiener Börse once a year for the Specialist function in all securities and products. Valid bids must satisfy the minimum requirements (Market Maker obligations) imposed by Wiener Börse.
After the first phase of tender all bids were collected and evaluated. If, after the initial tender, the bids submitted for a given security or product are identical (same competitive sum), the trading participants are asked to adjust their bids within a certain period of time. If it is still not possible to appoint a Specialist after the adjusted bids have been submitted, then lots are drawn. If no valid bid has been submitted in a given security or product, all trading participants are once again invited to submit a valid bid in that particular security or product.