Revisions to Market Maker Fee Schedule for Swedish Index Derivatives (Effective 02/25)
Starting on Monday, February 3, 2025, Nasdaq Stockholm AB and Nasdaq Clearing AB will implement changes to the Equity Derivatives Fee List concerning market making in Swedish index products, as detailed below (all rates are in SEK).
Adjustments to the Swedish Market Making Scheme and Index Products (section 1.5.4)
- For fee level 1 of regular index options with monthly expiration, designated market makers will now incur a fee of 1.50 per contract while other market makers will pay 2.05 per contract, compared to the current rates of 1.56 for electronically executed transactions and 2.06 for all other transactions.
- For fee level 1 of weekly index options, appointed market makers will continue to pay 1.50 per contract, whereas other market makers will be charged 2.55 per contract, which remains unchanged. Currently, appointed market makers pay 1.56 for electronic transactions and 2.06 for others, while other market makers pay 2.55.
- At fee level 2 for index futures and monthly expiration index options, all market makers will see an increase to 0.30 per contract, up from 0.28.
- Regarding weekly index options at fee level 2, appointed market makers will be charged 0.30 per contract (previously 0.28), and other market makers will continue to pay 2.55 per contract (no change).
- Fees for index futures at market maker fee level 1 will remain unchanged.
- An appointed market maker has opted to incorporate the relevant underlying index and expiration type into its market maker commitment.
Introduction of a New Tighter Spread Rebate for Market Makers on Index Options (section 1.5.4):
A new rebate will be offered to encourage market makers to maintain tighter spreads on OMXS30 index options. Upon meeting the minimum quoting obligations for both monthly and weekly expirations, a market maker can qualify for an additional fee rebate based on the duration of tighter spreads on a selected subset of quoted option series as follows:
| Coverage | Fee Rebate |
| 50% | 10% |
| 60% | 15% |
| 70% | 20% |
| 80% | 25% |
The time measured for quotation will consider coverage during standard trading hours, including periods of market stress, calculated as a monthly average based on:
- The same number of series per expiration as dictated by the minimum quoting obligation.
- The first three listed expiration months and all listed expiration weeks.
During times of market stress, the tighter spread requirements will be doubled in the same manner as normal conditions.
The additional fee rebate will apply to both transaction and closing fees for OMXS30 index options.
Implementation of a New Trade Volume Discount Model for Index Options (section 1.5.4):
The existing fee cap for index options, set at 10,000 contracts, will be replaced by a volume discount model determined by the number of contracts per transaction as follows:
- 1-2,500 contracts: Standard fee per contract as stated above.
- 2,501+ contracts: Discounted fee of 0.30 per contract for volume exceeding the threshold.
- A maximum of 2,500 contracts per transaction will contribute to a market maker’s annual volume for fee level assessment.
- These alterations will be applicable to both Swedish and Nordic market making schemes.
Revisions to the Non-Performance Fee Calculation (New section 1.5.5.2):
If an appointed market maker in OMXS30 index options under the Swedish market making scheme fails to meet the mandatory average monthly performance standards for the minimum quoting obligations related to monthly or weekly expiration options, they will incur a non-performance fee for the number of contracts traded in those options for the respective month. The Exchange will calculate this fee in addition to any other non-performance fees for Swedish instruments, applying the relevant fee per contract based on the average monthly presence rate and the count of consecutive months of under-performance, as outlined in the fee schedule for Swedish stock index derivatives.
Attached to this notice is a draft of the updated Equity Derivatives Fee List, with modifications highlighted in red. The finalized version will be published on the Derivatives Rules webpage soon.
For additional information regarding this exchange notice, please refer to the attached documents.
Nasdaq Derivatives Markets
