Skip to main content

Changes to market making agreements

Written by Customer Service on . Posted in Public Companies.

Orkuveita Reykjavíkur has valid market making agreements with Arion Bank hf., Íslandsbanki hf., Kvika banki hf. and Landsbankinn hf. regarding OR‘s bond series; OR020934 GB, OR180242 GB  and OR180255 GB on the secondary market. The bonds OR020934 GB and OR180255 GB have already been admitted to trading on Nasdaq Iceland, trading on bonds OR180242 GB will commence no later then 31st of March 2022. The market makers’ obligations under the agreement took effect on 27 January 2022.

The purpose of this is to strengthen trading in the bonds covered by the agreement, increase their liquidity in the secondary market and promote normal price formation.

Market makers undertake to submit bids and offers for the bonds on the Exchange every day before the market opens. Bids must always be at least 20 m. kr. in each category at nominal value and tenders shall be renewed no later than within 15 minutes of receipt.

The maximum difference between market makers’ bid and ask spread is determined by the price of valid bids and may not exceed 1.0% on OR 020934 GB. The maximum difference between bid and ask spread on OR 180255 GB and OR 180242 GB may not exceed 1.5%.

If  two OR bond classes are traded and a market maker trades for a total of 120 m. kr. or more nominal value in any given trading day and  in one or more classes of bonds in automatic mating, he may deviate from the maximum difference between bid and ask bids for the remainder of the trading day.

If  three OR bond classes are traded and a market maker trades for a total of 180 m. kr. or more nominal value in any given trading day and  in one or more classes of bonds in automatic mating, he may deviate from the maximum difference between bid and ask bids for the remainder of the trading day.

Over the contractual period of this agreement, market makers may receive temporary bond loans in the category of bonds covered by the agreement.

Contact:

Bjarni Freyr Bjarnason
CFO
bjarni.freyr.bjarnason@or.is

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.