Change of market making terms and conditions for currency futures contracts

01-12-2008 17:21
Communique
of the Warsaw Stock Exchange
dated 28 November 2008
(Main List)

The Warsaw Stock Exchange informs that the market making terms and conditions for currency futures contracts applicable to DM XTB SA shall change from the trading session of 3 December 2008 until 31 January 2009.
The change has been made by request of DM XTB SA, the market maker of currency futures contracts, due to the significantly higher volatility of the currency market and rising spreads on the interbank market.

Before the end of the period of application of the changed conditions, the WSE together with the market maker shall decide new spreads applicable to the market maker taking account of market conditions in this period.

Market making terms and conditions applicable to DM XTB SA between 3 December 2008 and 31 January 2009:

VIII. Currency Futures Contracts

1. The maximum allowed difference between the lowest price limit in a sell order and the highest price limit in a buy order (the spread) shall be:




	Classes of futures contracts
Expiry dates	EUR	USD	CHF	GBP
Two nearest expiry dates	1.80 PLN	1.80 PLN	2.00 PLN	2.70 PLN
Two subsequent expiry dates	2.20PLN	2.20 PLN	2.40 PLN	3.40 PLN


The spreads set out in the table shall apply from 3 December 2008 to 31 January 2009.


2. The volume of orders shall not be less than 50 contracts for all expiry dates.



3. The maximum daily investment by the market maker (the difference between the number of contracts bought and the number of contracts sold) shall be: 300 contracts of a given series, 500 contracts of a given class, 600 contracts for all classes and series.



4. The maximum total investment by the market maker (the difference between the number of contracts bought and the number of contracts sold) for each class of contracts shall be 900 contracts.



5. The maximum total investment (the difference between the number of contracts bought and the number of contracts sold) for all classes of currency contracts shall be 1,200 contracts.



6. If the thresholds set in points 3, 4, and 5 are exceeded, the market maker shall be relieved of the obligation to place orders under the agreement.



7. The foregoing market maker rules shall be complied with for at least 60% of the duration of the session.



8. For not more than 40% of the duration of the session, the spread (the difference between the lowest price limit in a sell order and the highest price limit in a buy order) may be 100% higher and the volume of orders may be 50% lower.



9. The market maker may stop placing buy and sell orders without stating its reasons for a period not longer than 60 minutes.



10. Subject to prior notice to the Exchange by telephone, the market maker shall be relieved from the obligation to place orders in the case of malfunction of the automatic orders submission tool.