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ASX to launch new ETF market making rebate scheme

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The Australian Securities Exchange will introduce a new exchange-traded fund and exchange-traded commodity market making rebate scheme from 1 August 2010.

The new scheme will cover all ETFs and ETCs except those categorised by ASX as mature.

Currently only two products are deemed by ASX to be mature – STW and GOLD.

Interested trading participants will have a choice of becoming either an advanced market maker or regular market maker. Advanced market makers will be contracted to make markets on a tranche of ETF and ETC products whereas a regular market maker will have the option to pick which products they would like to be appointed to.

ASX has established a range of ETF/ETC market maker schedules that stipulate the spread and volume requirements for market making in ETFs/ETCs on that schedule.

ASX, the ETF/ETC issuers and market makers will agree which ETFs/ETCs are allocated to which schedule. This decision will take into account the nature of the ETF/ETC and the liquidity of its underlying securities from an Australian market making perspective.

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