NYSE Liffe operates a number of Designated Market Making (DMM) schemes, with the aim of encouraging and maintaining market liquidity. Appointed market makers in particular contracts have obligations to maintain two way prices and volumes for a specified period of the trading day. In return for fulfilling these obligations, we offer a range of potential benefits, including reduced trading fees, monthly stipends and a share of net trading revenue.

In the case of Primary Market Maker (PMM) obligations, a share of the net trading revenue is provided, as well as an exchange fee rebate.

1. Short Term Interest Rate (STIR) Back Month DMM scheme
2. Euribor® Late Opening DMM scheme
3. Eonia DMM scheme
4. Eonia Calendar Spread DMM scheme
5. Eonia Primary Marker Maker (PMM) scheme
6. Euribor® Asian Trading Hours DMM scheme
7. Euro Swapnote® DMM scheme
8. Euribor®/Eonia Inter-contract spread (ICS) DMM scheme
9. Packs and Bundles DMM scheme
10. STIR Options DMM scheme
11. Short & Medium Gilt Futures DMM scheme

DMM scheme in the back delivery months - the "greens" (Q9 to Q12) and the "blues" (Q13 to Q14) of Euribor® and the "reds" (Q5 to Q8) and the "greens" (Q9 to Q12) of Short Sterling futures contracts.

DMMs are required to provide continuous two-way on-screen prices at specified maximum bid/offer spreads and specified minimum quote size, for up to 90% of the trading session. In addition, DMMs are expected to improve on their bid/offer spread commitments for a portion of this period.

London Notice No. 3246
Short Term Interest Rate (STIR) Futures Contract
Update to the List of Designated Market Makers

DMM scheme in the "white" (Q1 to Q4) and red (Q5 to Q8) delivery months of Euribor® futures contracts during the extended trading hours (between 18:00 and 21:00, London time).

DMMs are required to provide continuous two-way on-screen prices at specified maximum bid/offer spreads and specified minimum quote size, for up to 90% of the extended trading session. In addition, DMMs are expected to improve on their bid/offer spread commitments for a portion of this period.

London Notice No. 3210
Short Terms Interest Rate (STIR) Futures Contracts
Appointment of Designated Market Makers

London Info-Flash No. LO09/35
Short Term Interest Rate (STIR) Futures Contract
Invitation to apply for Designated Market Maker Status

DMM scheme in the three month Eonia Swap Index futures contracts.

DMMs are required to provide continuous two-way on-screen prices at specified maximum bid/offer spreads and specified minimum quote size, for up to 90% of the trading session. In addition, DMMs are required to respond to Requests For Quotes (RFQs) in a specified minimum quote size and to provide additional prices in a specified minimum quote size.

London Notice No. 3197
Three Month Eonia Swap Index Futures Contract
Designated Market Maker Scheme

DMM scheme in calendar spread strategies in the three month Eonia Swap Index futures contracts.

DMMs are required to provide continuous two-way on-screen prices at specified maximum bid/offer spreads and specified minimum quote size, for up to 90% of the trading session.

London Info-Flash No. LO09/32
Three Month Eonia Swap Index Futures Contract
Invitation to Apply for Calendar Spread Designated Market Maker Scheme

PMM scheme in the three month Eonia Swap Index futures contracts, in return for a share of future revenues generated by the contract.

DMMs are required to provide continuous two-way on-screen prices at specified maximum bid/offer spreads and specified minimum quote size, for up to 90% of the trading session.

London Info-Flash No. LO08/24
Three Month Eonia Swap Index Futures Contract
Invitation to apply for Primary Market Maker Status

DMM scheme in the white (Q1 to Q4) and red (Q5 to Q8) delivery months during the extended trading session (between 01.00 and 07.00, London time).

DMMs are required to provide continuous two-way on-screen prices at specified maximum bid/offer spreads and specified minimum quote size, for up to 90% of the extended trading session. In addition, DMMs are expected to improve on their bid/offer spread commitments for a portion of this period.

London Notice No. 3198
Three Month Euribor® Interest Rate Contract
Appointment of Designated Market Makers during Asian Trading Hours

DMM scheme in inter-contract spread strategy between the three month Eonia and Euribor® futures contracts.

DMMs are required to provide continuous two-way on-screen prices at specified maximum bid/offer spreads and specified minimum quote size, for up to 90% of the extended trading session.

London Info-Flash No. LO10/02
Three Month Eonia Swap Index and Euribor® Futures Contract Inter-Contract Spread
Renewal of the ICS Designated Market Maker Scheme and Extension of the ICS Liquidity Provider Scheme

DMM scheme in pack and bundle strategies in the Euribor® and Short Sterling futures contracts.

Appointed DMMs will be required to provide continuous two-way on-screen prices at specified maximum bid/offer spreads and specified minimum quote size, for up to 90% of the trading session.

London Info-Flash No. LO09/42
Three Month Euribor® and Three Month Sterling Futures Contracts
List of Designated Market Makers in Pack and Bundle Strategies

To search for previous market notices, please visit here and for info-flashes, please visit here

Fixed Income Derivatives
+44 (0)20 7379 2222
stirs@liffe.com