In preparation for it´s planned listing on the Nasdaq Iceland Main Market, Kvika Banki hf. („Kvika“) has signed agreements with Arion Banki hf. and Íslandsbanki hf. under which the banks will continue to act as market makers for shares issued by Kvika after they are delisted from the Nasdaq First North market and admitted to trading on the Nasdaq Iceland Main Market under the market ticker symbol KVIKA.
Under the agreements, each of the market makers will quote bids and offers for Kvika shares in the trading system of Nasdaq Iceland Main Market on any business day before the market opens, a minimum of 1,250,000 shares. Quotes shall be renewed as quickly as possible, and always within 10 minutes of their having been accepted in full. The maximum number of shares each of the market makers are obliged to buy or sell on any trading day is 7,500,000 shares.
The bid-offer spread in market making may not exceed 1.5%. If the price of Kvika shares changes by 10% or more on the same trading day, the market maker is not subjected to any restrictions on bid-offer spread for the remainder of that day.
For further information please contact Marinó Örn Tryggvason, Deputy CEO of Kvika, tel. +354 540 3200.