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iSwap Euro SEF/MTF Fee Structures and Incentives MayJune 2021

Document Version 2.32.4 © iSwap Euro BV 2020-2021

TP ICAP Classification: Public

iSwap Euro BV SEF/MTF

Fee Structures and Incentives

Applicable from 1 JuneJuly 2021
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iSwap Euro SEF/MTF Fee Structures and Incentives MayJune 2021

Document Version 2.32.4 © iSwap Euro BV 2020-2021

TP ICAP Classification: Public

1.9. Euro Market Maker Programme Criteria

*Under MMP2 a market maker may replace both 5Y and 10Y Gadget with both A-EUR 7Y and A-EUR 30Y as

alternatives. For the purposes of the API discount, Market Makers who quote all 9 MMP2 instruments, their highest 7

ranked instruments will be taken into account.

Market Makers qualifying for MMP2 will also be ranked according to three equally weighted criteria:

 Percentage of Monitored Trading day at Top of Book;

 Percentage of Monitored Trading Day when quote compliance is achieved;

 Average bid/offer spread when quote compliance is achieved.

A rank will be calculated for each MMP2 instrument, based on the above criteria and then one overall rank

across the top 7 instruments quoted. A rank tie will be resolved by Percentage of Monitored Trading Day at

Top of Book.

The number one overall ranked Qualifying Market Maker receives a 100% discount on their API Data license

fee for that month. The second qualifying Market Maker will receive a 50% discount.

A Market Maker will be deemed to have met the qualifying Bid/Offer spread for any Programme Instrument

if either its Bid or Offer is at the best price level, so long as the aggregate iSwap orderbook Bid/Offer spread

in the Programme instrument at that time is no greater than the qualifying Bid/Offer Spread.

A Participant will not qualify as compliant with the Programme Eligibility Criteria if utilising an algorithmic

“follow” routine which largely applies a simple arithmetical spread to the existing aggregate bid offer values

available on the Programme Instruments, in order to achieve programme compliance.

Monitored Trading Day is 9am – 6pm Central European time.

Market Makers shall provide the Order Book with an Executable Price Stream for at least 70% of the

Monitored Trading Day, averaged over each calendar month.
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iSwap Euro SEF/MTF Fee Structures and Incentives MayJune 2021

Document Version 2.32.4 © iSwap Euro BV 2020-2021

TP ICAP Classification: Public

GBP Market Maker Programme Criteria

Market Makers may sign up to any or all the available GBP Market Making Programmes: GMMP1, GMMP2,

and GMMP3.

Programme Instruments starting with A-GBPOIS refer to GBP swaps vs SONIA; and Programme Instruments

starting with A-GBP refer to GBP swap vs LIBOR.

A Market Maker will be deemed to have met the qualifying Bid/Offer spread for any Programme Instrument

if either its Bid or Offer is at the best price level, so long as the aggregate iSwap orderbook Bid/Offer spread

in the Programme instrument at that time is no greater than the qualifying Bid/Offer Spread.

All Orders in Programme Instruments for the relevant GBP Market Maker Programme can be given

automatic One Cancels Other (OCO) protection. Alternatively, a Market Maker can manage this themselves.

A Participant will not qualify as compliant with the Programme Eligibility Criteria if utilising an algorithmic

“follow” routine which largely applies a simple arithmetical spread to the existing aggregate bid offer values

available on the Programme Instruments, in order to achieve programme compliance.

Monitored Trading Day is 10am – 5:15pm Central European time.

Market Makers shall provide the Order Book with an Executable Price Stream for at least 70% of the

Monitored Trading Day, averaged over each calendar month.