Eimskipafelag Islands He.: Eimskip - market making pact with Arion
TL;DR
Eimskip has entered a market making agreement with Arion Banki effective May 1, 2021, to enhance liquidity and price stability for its shares on Nasdaq Iceland. The pact includes daily bid/ask offers for at least 50,000 shares with pricing and spread limits, and it complements an existing agreement with Íslandsbanki.
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Eimskipafelag Islands He.: Eimskip - market making pact with Arion
Eimskipafélag Íslands hf. has entered into a market making agreement with Arion Banki hf. effective 1 May 2021, under which the bank serves as a market maker for the company's shares listed on Nasdaq Iceland. The agreement aims to enhance liquidity and price stability for Eimskip's stock. Key terms include a commitment by Arion Banki to provide daily bid and ask offers for a minimum of 50,000 shares, with pricing not deviating by more than 3% from the last traded price. The maximum bid-ask spread is capped at 1.5%, though this may be adjusted under specific conditions. For instance, if daily transactions exceed 400,000 shares or intraday share price fluctuations surpass 10%, the bank may temporarily double the spread.
The agreement remains in effect indefinitely and may be terminated by either party with 14 days' notice. Eimskip continues its parallel market making arrangement with Íslandsbanki hf., which includes similar but distinct terms, such as a minimum of 30,000 shares and adjustments tied to a 5% price threshold. These agreements reflect regulatory updates linked to MiFID II implementation in Iceland, ensuring alignment with evolving market standards. Investors seeking further details may contact Edda Rut Björnsdóttir, Executive Vice President of Human Resources & Communications, via the provided contact information.
This arrangement underscores Eimskip's efforts to maintain robust trading conditions for its shares, supporting investor confidence and market efficiency.
