Arion Bank hf. has signed a new agreement with Íslandsbanki hf. under which Íslandsbanki hf. will act as market maker for shares issued by Arion Bank which are listed in the trading system of Nasdaq Iceland under the ticker symbol ARION. This agreement solely applies to the shares in Arion Bank listed in Iceland.
Under the agreement the market maker will quote bids and offers for Arion Bank shares in the trading system of Nasdaq Iceland each business day before the market opens, a minimum of 400,000 shares. Quotes shall be renewed as quickly as possible, and always within 10 minutes of them having been accepted in full. The maximum number of shares which the market maker is obliged to buy or sell each day is 2,000,000 shares.
The bid-offer spread in market making may not exceed 1.5%, and the deviation from the last trading price on the same day shall not exceed 3.0%. If the price of Arion Bank shares changes by 10% or more on the same day, the market maker is permitted to double the maximum bid-offer spread temporarily that day.
Arion Bank has terminated its market making agreement við Landsbankinn hf. effective from 9. March 2020.
For further information please contact Investor Relations at ir@arionbanki.is