Liquiditeitsprogramma
Liquidity Provider scheme for the Amsterdam derivatives market (ELPS)

A major development in the Amsterdam derivatives market has been the implementation of the Liquidity Provider scheme, known as ELPS. ELPS has provided Amsterdam with the best on-screen equity options market in Europe: full screens, competition and tradable prices in all series for all customers.

ELPS is characterised by the presence of two types of Liquidity Provider, Primary Market Makers (PMM) and Competitive Market Makers (CMM). PMMs have obligations across all series within the classes to which they have been assigned, while CMMs have obligations in only a limited number of series in each class to which they have been assigned.

All Amsterdam traded contracts (classes) are grouped into class combinations (ECCs). PMM and CMMs are selected for a specific ECC by meeting several obligation levels for which auctions are held. During the bidding rounds applicants are invited to subscribe to the level of obligations they are willing to accept for a position of PMM or CMM in the relevant ECC. NYSE Liffe then evaluates the subscriptions and appoints the required number of PMM and CMMs based on obligations and priority rules. In principle, ELPS contracts last for one year and all ECCs are re-auctioned every year.

Documents for Amsterdam Liquidity Provider Scheme
Datum Titel Beschrijving
01/03/2009 Current spreads and size obligations for Liquidity 
09/03/2010 Current Liquidity Providers and vacant places 
ELPS VI items
Datum Titel Beschrijving
16/02/2010 Amsterdam Notice 10-005: Introduction of Wavin NV options 
16/02/2010 Amsterdam notice 10-005: Application form WAV 
22/02/2010 Obligation lelevs for Wavin Liquidity Provider auction 
21/09/2009 ELPS VI document - October 2009 
01/10/2009 Selection Procedure ELPS VI October 2009 
04/05/2009 Info Flash - Increased MMO capacity for CMM in the AEX-index 
17/04/2009 ELPS VI document - April 2009 
02/04/2009 Selection procedure ELPS VI - April 2009 
26/03/2009 Presentation - Performance Related Fees (PRF) 
26/03/2009 Presentation - Premium Based Tick Size (PBTS) 
24/09/2008 Quality Formula (to measure Liquidity Providers' contribution to the market) 
24/09/2008 Presentation - Promotion & Relegation 
07/05/2009 Selection procedure ELPS - New individual Listings 
Liquidity Providers Application - Amsterdam market
Datum Titel Beschrijving
18/02/2009 Application form for Liquidity Providers (Amsterdam market) 
30/09/2009 LP-ITM form 
 For more information, please contact:
 Quality of Derivatives Market Department
Tel: +31 (0)20 550 5110
E-mail: qualityofderivativemarkets@liffe.com