U.S. Markets close in 1 hr 11 mins

TM - Change in market making agreements

TM hf. has made an agreement with Arion banki hf. in regards of market making for issued shares of TM on the Iceland Stock Exchange, NASDAQ OMX Iceland.  Market making agreement with Íslandsbanki hf. has been terminated with effect from December 10th 2019. The market making agreement with Kvika banki hf. remains in place.

Arion is obliged to make daily bid and ask offers for shares in TM for a minimum of 500,000 shares at nominal value at a price determined by Arion with maximum of 3% variation from last price. Offers shall be renewed within 10 minutes from prior offers being accepted. The maximum bid-ask spread shall not exceed 1.5%.  If the share price on the same day changes by 10% or more, Arion is permitted to increase the maximum bid-ask spread temporarily that day to 4%. If the daily aggregated market value of total trades of Arion with shares in TM exceeds ISK 80m, then the maximum bid-ask spread commitments are cancelled within that day.