Kvika Banki hf. (“Kvika”) has signed a new agreement with Arion banki hf. (“Arion”) under which Arion will continue to act as a market maker for shares issued by Kvika on the Nasdaq Iceland Main Market under the market ticker symbol KVIKA. The agreement replaces an earlier market making agreement between the parties.
Under the agreement Arion will quote bids and offers for Kvika's shares in the trading system of Nasdaq Iceland Main Market on any business day before the market opens, a minimum of 1,000,000 shares. Quotes shall be renewed as quickly as possible, and always within 10 minutes of having been accepted in full and the deviation from last price shall not exceed 3.0%. Arion is obliged to buy or sell up to 5,000,000 shares on any trading day.
The bid-offer spread shall be determined by the tick size table set forth by Nasdaq Iceland with the bid-ask spread as close to 1.50% as possible but not lower than 1.45%. If the price of Kvika's shares changes by 5.0% or more on the same trading day, Arion is authorized to increase the bid-offer spread to 3.0% for the remainder of that day.
For further information please contact Halldór Karl Högnason, Head of Treasury, tel. +354 540 3200.