Market Maker 

Agreement

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MARKET MAKER AGREEMENT

THIS AGREEMENT is made BETWEEN: 

(1) London Stock Exchange plc, under registration number 02075721, of 10 

Paternoster Square, London EC4M 7LS. 

(“the Exchange”)

AND 

(2) ________________________________________

of ______________________________________

(“Market Maker”)

ON _____________________________________

THIS AGREEMENT is made in relation to the following product group(s):

________________________________________ 

(Refer to Annex 1 for further details)

Capacity(ies)

________________________________________
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1. INTRODUCTION

1.1 This Agreement is to be read in conjunction with (i) the London Stock Exchange 

Derivatives Market, Market Making Document (hereafter the “Market Making 

Document”) and (ii) the Rules in their entirety1. 

1.2 Capitalised terms shall be assigned meanings as outlined in the Rules or the 

Market Making Document. In the case of any inconsistency, the Rules shall 

prevail

1.3 The Effective Date of this Agreement shall be the date upon which it is ratified, 

as stated above.

1.4 Annex 1 contains the contracts in which the Market Maker has agreed to act in 

the capacity of a Primary Market Maker or Qualified Liquidity Provider, as 

detailed in, and in accordance with, the Market Making Document. All capacities 

are considered Market Makers for the purpose of this agreement and the Rules.

2. MARKET MAKER’S OBLIGATIONS

2.1 The Market Maker must be a Member of the Exchange and, as such, it agrees 

to be bound by the Rules which apply to all Members.

2.2 The Market Maker shall satisfy the Exchange that it has the technical capability 

and required regulatory authorisation to act as a Market Maker. 

2.3 The Market Maker agrees to act in the Listed Products and market making

capacities specified (“Primary Market Maker” or “Qualified Liquidity Provider”) in 

Annex 1. For the avoidance of doubt, the market making capacities for each 

Listed Product are detailed in the Market Making Document.

2.4 The Market Maker shall maintain an electronic connection to the London Stock 

Exchange Derivatives Market and shall provide quotes relating to the relevant 

Listed Product and market using the Bulk Quote (BQ) message type in the 

trading system’s SAIL interface.

 

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Published on the Exchange website and available on request.
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2.5 The Market Maker shall provide quotes in accordance with the specifications 

within the Rules and/ or the Market Making Document.

3. MARKET MAKING FEES AND ACCOUNTS

3.1 The Market Maker agrees to pay all relevant fees, as outlined in the Market 

Making Document, and to make itself aware of, and comply with, all the account 

set up and maintenance obligations also contained therein. 

3.2 The Market Maker is entitled to request that multiple Market Maker accounts be 

opened in its name and must lodge any such request with the Exchange. 

3.3 Arrangements for multiple accounts shall be subject to the approval of the 

Exchange which shall not unreasonably be withheld. 

3.4 The assessment of the performance of the applicable market making 

obligations and the determination of the fees payable in relation to such activity 

shall be made solely by reference to bulk quotes entered and contracts 

registered in the relevant Account(s). 

4. SANCTIONS

4.1 If the Market Maker fails to meet its obligations to the standard expected by the 

Exchange, the Market Maker shall accept the sanctions relating to the Product 

in question, as outlined in the Rules and/ or the Market Making Document.

5. INTELLECTUAL PROPERTY RIGHTS AND NON PUBLICITY

5.1 The Exchange agrees that it shall not do any of the following without receiving 

prior written authorisation from the Market Maker concerned: 

(i) use the name, trade name, trademark, trade device, service 

mark, service symbol or any abbreviation, contraction or 

simulation designating the relevant Market Maker, its affiliates or 

their managing directors, partners or employees, or

(ii) make representations, whether direct or indirect, that any 

Product or service provided by the Exchange has been approved 

or endorsed by the relevant Market Maker in any way. 
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5.2 This clause shall remain in force and survive any termination of this Agreement. 

6. DATA PROTECTION AND CONFIDENTIALITY

6.1 The parties shall keep confidential all information relating to this Agreement 

unless such information has become public knowledge otherwise than in breach 

of this clause or disclosure or disclosure is required by law or a party's 

regulatory body or disclosure is made in confidence to their professional 

adviser. 

6.2 The Market Maker agrees that the Exchange may share confidential information 

with any of its Affiliates. The Exchange shall ensure compliance of such Affiliate 

with this confidentiality provision, and shall remain liable for any breach of this 

provision by such Affiliate. 

6.3 This clause shall remain in force and survive any termination of this Agreement. 

7. LIABILITY

7.1 The Exchange shall not be liable for any loss incurred by the Market Maker in

the course of its dealings with the Exchange, unless such loss is clearly 

attributable to its own wilful default, or fraud. 

7.2 Any such liability, once established, shall be limited to the extent that it is clearly 

attributable to the Exchange. 

7.3 The terms of this Agreement do not, in any way, seek to exclude or limit the 

Exchange liability for death or personal injury caused by its negligence or for 

any other loss which must not be limited or excluded by law. 

8. TERMINATION AND SUSPENSION

8.1 Either party may terminate this Agreement by serving at least one month’s prior 

written notice upon the other. 

8.2 The Exchange reserves the right to terminate this Agreement with immediate 

effect where: 
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(i) The Exchange reasonably believes that the Market Maker is in 

breach of any of the Rules;

(ii) The Market Maker ceases to conduct business as required in the 

Rules and the Market Making Document;

(iii) The Exchange reasonably believes that the Market Maker is in 

breach of any term of this Agreement and fails to remedy such 

breach within thirty days of receiving a notice requiring it to do 

so;

(iv) The Exchange considers that the Market Maker has abused its 

position. 

8.3 The Exchange may modify or suspend the obligations of the Market Maker 

where extreme market conditions arise, i.e. a “Fast Market”. In such an event, 

the Exchange would issue a general notice to the market. 

9. SEVERABILITY, VARIATION AND ASSIGNMENT

9.1 Should it be established by a competent authority that any part of this 

Agreement is partially or wholly invalid or unenforceable, the remainder of the 

Agreement (and the remainder of that particular provision, if applicable) shall 

remain unaffected. 

9.2 No amendment or variation of the terms of this Agreement shall be effective 

unless it is made or confirmed in a written document signed by both the parties, 

provided that the Exchange may amend or vary the terms of this Agreement 

without the Member’s written agreement where such amendment or variation is 

required to be made to take account of any change in applicable laws. 

Notwithstanding the foregoing, the Exchange reserves the right to vary the 

terms contained within the Rules and Market Making Document which form part 

of this Agreement, upon prior written notice. 

9.3 The Exchange may reasonably consider, within its discretion, that urgency 

precludes such extensive notice and will, in that case, provide as much notice 

as possible. 
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9.4 The Market Maker’s ability to assign any rights or obligations under this 

Agreement to a third party is subject to obtaining prior written consent from the 

Exchange. 

9.5 The Exchange may exercise its right to assign any rights or obligations under 

this Agreement by serving written notice on the Market Maker, with such 

assignment taking effect upon the delivery of such notice. 

10. GOVERNING LAW

10.1 The enforcement of this Agreement shall be governed by, and construed in 

accordance with, the laws of England and Wales. 

10.2 Each party to this Agreement consents to the exclusive jurisdiction of the courts 

of England and Wales for the purpose of any action or proceeding relating to 

this Agreement. 

Signed on behalf of Market Maker Signed on behalf of London Stock 

Exchange plc

By By

Name Name

Title Title

Date Date
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1. Annex 1: List of derivative contracts available for Market Making on Exchange

Please indicate (by ticking relevant underlying in the “Active” column) in which Listed 

Product and in which capacity (PMM = Primary Market Maker, QLP = Qualified 

Liquidity Provider) you will act.

1. Norwegian Derivatives (Currency : NOK)

Underlying Product Underlying ISIN Code Active Capacity 

AKER SOLUTIONS OB Option NO0010215684 AKSO

DNB NOR ASA Option NO0010031479 DNBNOR

DNO INTERNATIONAL Option NO0010031479 DNO

GJENSIDIGE FORSIKRING Option NO0010582521 GJF

MARINE HARVEST Option NO0003054108 MHG

NORSK HYDRO Option NO0005052605 NHY

NORSKE SKOG A Option NO0004135633 NSG

OBX INDEX Option NO0000000021 OBX

ORKLA A Option NO0003733800 ORK

PETROLEUM GEO SERVICE Option NO0010199151 PGS

RENEWABLE ENERGY CORP Option NO0010112675 REC

ROYAL CARIBBEAN 

CRUISES

Option LR0008862868 RCL

SEADRILL LIMITED Option BMG7945E1057 SDRL

STATOIL HYDRO Option NO0010096985 STL

STOREBRAND Option NO0003053605 STB

SUBSEA Option LU0075646355 SUBC

TELENOR ASA Option NO0010063308 TEL

TGS NOPEC GEOPHYSICAL 

COMPANY

Option NO0003078800 TGS

TOMRA SYSTEMS Option NO0005668905 TOM

YARA INTERNATIONAL ASA Option NO0010208051 YAR

AKER SOLUTIONS OB Future NO0010215684 AKSO

DNB NOR ASA Future NO0010031479 DNBNOR

DNO INTERNATIONAL Future NO0010031479 DNO

GJENSIDIGE FORSIKRING Future NO0010582521 GJF

MARINE HARVEST Future NO0003054108 MHG

NORSK HYDRO Future NO0005052605 NHY

NORSKE SKOG A Future NO0004135633 NSG

OBX INDEX Future NO0000000021 OBX

ORKLA A Future NO0003733800 ORK

PETROLEUM GEO SERVICE Future NO0010199151 PGS

RENEWABLE ENERGY CORP Future NO0010112675 REC
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Underlying Product Underlying ISIN Code Active Capacity 

ROYAL CARIBBEAN 

CRUISES

Future LR0008862868 RCL

SEADRILL LIMITED Future BMG7945E1057 SDRL

STATOIL HYDRO Future NO0010096985 STL

STOREBRAND Future NO0003053605 STB

SUBSEA Future LU0075646355 SUBC

TELENOR ASA Future NO0010063308 TEL

TGS NOPEC GEOPHYSICAL 

COMPANY

Future NO0003078800 TGS

TOMRA SYSTEMS Future NO0005668905 TOM

YARA INTERNATIONAL ASA Future NO0010208051 YAR

2. IOB Derivatives (Currency : USD)

Underlying Product type Underlying ISIN Code Active Capacity

FTSE RIOB INDEX Option GB00B1G6XL00 RIOB

GAZPROM Option US3682872078 OGZD

JSC URALKALI Option US91688E2063 URKA

JSC VTB BANK Option US46630Q2021 VTBR

LUKOIL OAO Option US6778621044 LKOD

MMC NORILSK NICKEL Option US46626D1081 MNOD

OAO NOVATEK Option US6698881090 NVTK

ROSNEFT OJSC Option US67812M2070 ROSN

SBERBANK Option US80585Y3080 SBER

SURGUTNEFTEGAZ Option US8688612048 SGGD

GAZPROM Dividend Future GB00B748RM91 DXOGZD

LUKOIL OAO Dividend Future GB00B73P1635 DXLKOD

MMC NORILSK NICKEL Dividend Future GB00B6T5JD35 DXMNOD

ROSNEFT OJSC Dividend Future GB00B7GR4X49 DXROSN

SBERBANK Dividend Future GB00B7GR9286 DXSBER

SURGUTNEFTEGAZ Dividend Future GB00B7GR5H55 DXSGGD

JSC VTB BANK Dividend Future GB00B7GR6274 DXVTBR

FTSE RIOB INDEX Future GB00B1G6XL00 RIOB

GAZPROM Future US3682872078 OGZD

JSC URALKALI Future US91688E2063 URKA

JSC VTB BANK Future US46630Q2021 VTBR

LUKOIL OAO Future US6778621044 LKOD

MMC NORILSK NICKEL Future US46626D1081 MNOD
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Underlying Product type Underlying ISIN Code Active Capacity

OAO NOVATEK Future US6698881090 NVTK

ROSNEFT OJSC Future US67812M2070 ROSN

SBERBANK Future US80585Y3080 SBER

SURGUTNEFTEGAZ Future US8688612048 SGGD

3. UK Derivatives (Currency : GBP)

Product Product type Underlying ISIN Code Active Capacity

FTSE 100 INDEX Option

FTSE100 INDEX Future

FTSE UK SLQ INDEX Future