Market Making Agreement with MP Banki
Icelandair Group hf (ICEAIR) has made an agreement with MP Banki regarding market making for the issued shares of ICEAIR. The agreement becomes effective on 6 September, 2011 and is of unspecified duration and may be terminated with one month's notice. The purpose of the renewed agreement is to improve liquidity and to enhance transparent price formation in the company’s shares on NASDAQ OMX Nordic.
As a market maker, MP Banki is obligated to submit in its proprietary account daily bid and ask orders for ICEAIR‘s stock, for a minimum of 2,000,000 shares at a price determined by MP Banki. The maximum bid/ask spread may not exceed 1.5% and the deviation from last price paid cannot be greater than 3%. If the intraday price of ICEAIR moves more than 10% then MP Banki can double the bid/ask spread for the remainder of the day. New orders shall be placed within 10 minutes in succession to prior orders getting filled. Under the agreement, MP Banki is obligated to provide liquidity for up to ISK 80 million in market value daily.
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