5/10/19

Stay attuned with the latest changes in the DAP Market Maker Program

The new DAP Market Maker Program was launched on May 2, 2019

In order to foster the market’s development side by side with our clients, we launched the new DAP Market Maker Program on May 2, 2019.

The new program now has 3 market makers, who will act according to the following parameters:

– Model A: Similar to the 2018 model.
– Model B: With reduced spreads closer to the spread practiced in the securities market,  reaching 6 bps for some maturities.

MODEL A  

Vertices

Activity period

Maximum spread

Round lot (contracts)

Jan. 2020

May 2, 2019 to July 14, 2019

14*

300

Jan. 2021

Sep. 15, 2019 to April 14, 2020

 10**

300

Aug. 2022

May 2, 2019 to April 30, 2020

10

300

May 2023

May 2, 2019 to April 30, 2020

10

300

Aug. 2024

May 2, 2019 to April 30, 2020

10

300

Aug. 2028

May 2, 2019 to April 30, 2020

15

160

*Value adjusted between July 15, 2019 and Sep. 14, 2019

*Value adjusted between April 15, 2020 and April 30, 2020

MODEL B

Vertices

Activity period

Maximum spread

Round lot (contracts)

Jan. 2020

May 2, 2019 to Sep. 14, 2019

12

150

Jan. 2021

Sep. 15, 2019 to April 30, 2020

 8

120

Aug. 2022

May 2, 2019 to April 30, 2020

6

100

May 2023

May 2, 2019 to April 30, 2020

6

100

Aug. 2024

May 2, 2019 to April 30, 2020

8

80

Aug. 2028

May 2, 2019 to April 30, 2020

13

60

Please note that the market makers will trade on the screen during the day at the following times:
• Morning: Between 10:30 and 12:00
• Afternoon: Between 3:00 and 4:50
• Closing call: Between 5:00 p.m. and 5:30 p.m

If you have any query or suggestion, talk to your RM.