Islandsbanki hf.: Changes to market making agreement
Changes have been made to the market making agreement with Arion banki for shares in Íslandsbanki hf. on Nasdaq Iceland. The changes are mainly due to the implementation of MiFID II into Icelandic law which came into force in Iceland 1 September 2021.
The changes made to the market making agreement with Arion banki are as follows:
Each daily bid and ask offers shall be for a minimum of 225,000 shares at a price which Arion banki determines in every instance, but not exceeding 3% deviation from last transaction price. The bid-ask spread shall be determined with reference to the tick size table of Nasdaq Iceland hf. as it is at any given time with the bid-ask spread as close to 1.5% as possible but not below 1.45%. The market makers are permitted to go below the spread in case of circumstances due to the tick size table of Nasdaq Iceland hf.
If Arion banki hf. makes transactions within the day exceeding 1,250,000 shares all commitments are cancelled until the next business day. If changes to Íslandsbanki‘s share price within a day exceeds 5.0%, Arion banki hf. can increase the maximum bid-sell spread temporarily that day to 3.0%.
For further information:
Investor Relations – Margrét Lilja Hrafnkelsdóttir, ir@islandsbanki.is and tel: +354 844 4033.
Public Relations – Björn Berg Gunnarsson, pr@islandsbanki.is and tel: +354 844 4869.
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About Íslandsbanki
With a history that dates from 1875, Íslandsbanki is an Icelandic universal bank with a strong customer focus. The Bank believes in moving Iceland forward by empowering its customers to succeed – reflecting a commitment to run a solid business that is a force for good in society. Driven by the ambition to be #1 for service, Íslandsbanki’s banking model is led by three business divisions that build and manage relationships with its customers. Íslandsbanki maintains a strong market share with the most efficient branch network in the country, supporting at the same time its customers’ move to more digital services. The Bank operates in a highly attractive market and, with its technically strong foundations and robust balance sheet, is well positioned for the opportunities that lie ahead. Íslandsbanki has a BBB/A-2 rating from S&P Global Ratings. The Bank’s shares are listed on Nasdaq Iceland Main Market.
Disclaimer
This press release may contain “forward-looking statements,” involving uncertainty and risks that could cause actual results to differ materially from results expressed or implied by the statements. Íslandsbanki hf. undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. It is the investor’s responsibility to not place undue reliance on these forward-looking statements which only reflect the date of this press release. Forward-looking statements should not be considered as guarantees or predictions of future events and all forward-looking statements are qualified in their entirety by this cautionary statement.
