SKEL fjárfestingafélag hf.: Market-Making Agreement
December 11 2024 - 11:08AM
UK Regulatory
SKEL fjárfestingafélag hf.: Market-Making Agreement
SKEL fjárfestingafélag hf. (“SKEL”) has entered into a
market-making agreement with Landsbankinn for its issued shares.
The purpose of this agreement is to enhance trading activity in
SKEL's shares on Nasdaq Iceland, increase liquidity, establish
market value, and ensure transparent and efficient price
formation.
Under the agreement, Landsbankinn is required to maintain bid
and ask prices with a minimum market value of ISK 8 million. The
maximum daily net trading volume is ISK 16 million in market value,
calculated as the difference between bid and ask prices entered
into the market. The maximum price spread between bid and ask
prices is determined by the 10-day volatility of SKEL’s share
price. If the 10-day volatility is below 30%, the volume-weighted
price spread will be 2.0%; otherwise, it will be 4.0%.
The parties aim, though are not obligated, to stagger bid and
ask orders. This ensures that part of the order book is within a
narrower price range than the volume-weighted price spread, while
another part is in a broader range, maintaining the specified
volume-weighted spread.
The agreement takes effect on December 12, 2024, and is valid
for an indefinite period. Either party may terminate the agreement
with 14 days' notice.
For further information, please contact Magnús Ingi Einarsson,
CFO, fjarfestar@skel.is
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