Market Making

    Nasdaq Nordic

    MiFID II Market Making Agreement and Market Making Scheme


     

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    Nasdaq Nordic offers a Market Making Agreement for members and participants acting as Market Maker as defined in MiFID II

     

    The agreement covers instruments on Nasdaq Stockholm, Nasdaq Helsinki, Nasdaq Copenhagen and Nasdaq Iceland (including First North market segments) traded in INET. The Market Maker’s quoting obligations are described in the agreement and are tracked on a daily basis by Nasdaq Nordic. 

    The ETF LP Programme has been incorporated into the MiFID II Market Making Agreement. An LPS account needs to be used for the purpose of market making in ETFs. 

    When a member acting as a Market Maker wishes to enter into the Market Making Agreement, the signed agreement should be sent to MAC@nasdaq.com with a list of instruments selected for market making. The quoting obligations can be found in the Market Making Agreement and can also be requested from Operator@nasdaq.com.

    A component of the Market Making agreement is the Market Making Scheme offered for liquid shares and ETFs. The spread obligations for the Market Maker in liquid instruments are doubled during Stressed Market Conditions.

    Market Makers Who fulfilled Market Making Obligations Under Stressed Market Conditions for January 2026

    refdate mic symbol isin participantname
    2026-01-02 XHEL KOJAMO FI4000312251 Citadel Securities GCS (Ireland) Limited
    2026-01-02 XHEL KOJAMO FI4000312251 Jane Street Netherlands B.V.
    2026-01-07 XSTO ATCO A SE0017486889 Citadel Securities GCS (Ireland) Limited
    2026-01-07 XSTO ATCO A SE0017486889 Jane Street Netherlands B.V.
    2026-01-07 XSTO ATCO A SE0017486889 Société Générale S.A.
    2026-01-09 XCSE MATAS DK0060497295 Citadel Securities GCS (Ireland) Limited
    2026-01-09 XCSE MATAS DK0060497295 Jane Street Netherlands B.V.
    2026-01-09 XCSE MATAS DK0060497295 XTX Markets SAS
    2026-01-09 XCSE PNDORA DK0060252690 BNP Paribas Financial Markets
    2026-01-09 XCSE PNDORA DK0060252690 Citadel Securities GCS (Ireland) Limited
    2026-01-09 XCSE PNDORA DK0060252690 HRTEU Limited
    2026-01-09 XCSE PNDORA DK0060252690 Jane Street Netherlands B.V.
    2026-01-09 XCSE PNDORA DK0060252690 Optiver VOF
    2026-01-09 XCSE PNDORA DK0060252690 Société Générale S.A.
    2026-01-13 XCSE ROCK B DK0063855168 Citadel Securities GCS (Ireland) Limited
    2026-01-13 XCSE ROCK B DK0063855168 HRTEU Limited
    2026-01-13 XCSE ROCK B DK0063855168 Société Générale S.A.
    2026-01-13 XCSE ROCK B DK0063855168 Svenska Handelsbanken AB
    2026-01-16 XCSE PNDORA DK0060252690 BNP Paribas Financial Markets
    2026-01-16 XCSE PNDORA DK0060252690 Citadel Securities GCS (Ireland) Limited
    2026-01-16 XCSE PNDORA DK0060252690 Jane Street Netherlands B.V.
    2026-01-16 XCSE PNDORA DK0060252690 Société Générale S.A.
    2026-01-19 XSTO XBRANE SE0026598583 XTX Markets SAS
    2026-01-27 XSTO XVIVO SE0004840718 Citadel Securities GCS (Ireland) Limited
    2026-01-27 XSTO XVIVO SE0004840718 Jane Street Netherlands B.V.
    2026-01-27 XSTO XVIVO SE0004840718 XTX Markets SAS
    2026-01-28 XSTO XBRANE SE0026598583 XTX Markets SAS
    2026-01-29 XCSE JYIAAU DK0061413317 Jyske Bank A/S
    2026-01-29 XSTO MTRS SE0009806607 Citadel Securities GCS (Ireland) Limited
    2026-01-29 XSTO MTRS SE0009806607 Jane Street Netherlands B.V.
    2026-01-29 XSTO MTRS SE0009806607 XTX Markets SAS

    The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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