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

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05/10/2019

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.