Liquidity schemes
Paris – Market Making Scheme

The Market Making Scheme for French individual equity options and index options consists of a combination of Permanent Market Makers (PMMs) and Responding Market Makers (RMMs) who maintain two-way prices throughout the trading session and answer requests for quotes (RFQs) respectively, as well as the "Primary Liquidity Provider (PLP)" role.

Primary Liquidity Providers (PLP) provide quotes in a specified number of American style options (based on 12 blue chips divided in 4 groups) at specified maximum spreads and minimum quote sizes on all series open for trading and expiry months up to 13 months.

Permanent Market Makers (PMMs) provide quotes in a specified number of options at specified maximum spreads and minimum quote sizes in a specified number of series and expiry months for a specified proportion of the trading day. PMMs also respond to RFQs.

Responding Market Makers (RMMs) respond to RFQs in a specified number of options at specified maximum spreads and minimum quote sizes. RMMs must respond to RFQs on equity options on all the expiries up to a horizon of two years on all series and on the first five expiries on all series open for trading on CAC 40® index options.

Documents for Paris Liquidity Provider Schemes
Date Title Description
12/01/2010 Current spreads and size obligations for PMM and RMM  English
09/09/2009 Current spreads and size obligations for PLP  English
10/03/2010 Current liquidity providers 
19/10/2009 PMM Groups 
30/09/2009 LP-ITM form 
02/02/2011 Fees-bandwidths PMM/RMM/PLP 
07/12/2009 PB 2009-037 - Market making scheme on FTSE EPRA/NAREIT Index Futures 
23/12/2009 MO2009-041 Paris MM scheme CAC40 dividend index futures 
 For more information, please contact:
 Quality of Derivatives Market Department
Tel: +31 (0)20 550 5110
E-mail: qualityofderivativemarkets@liffe.com