Bifogade filer
Íslandsbanki hf.: Market making agreement with Kvika Banki hf. and Fossar fjárfestingarbanki hf.
Prenumeration
Beskrivning
| Land | Island |
|---|---|
| Lista | Large Cap Iceland |
| Sektor | Finans |
| Industri | Storbank |
Íslandsbanki hf. (Íslandsbanki or the Bank) has entered into a market making agreements with Kvika banki hf. (Kvika banki) and Fossar fjárfestingarbanki hf. (Fossar) for shares issued by Íslandsbanki that are listed on Nasdaq Iceland under the ticker symbol ISB.
The purpose of the agreements is to facilitate trading in the Bank's shares on Nasdaq Iceland in order to increase the liquidity of the Bank's shares, create market prices and ensure efficient and transparent price formation of the shares.
Under the agreements, Kvika banki and Fossar shall submit bid and ask offers for the Bank's shares on Nasdaq Iceland trading system every day before the market opens, for a minimum of 112,500 shares in nominal value each, at prices determined by Kvika banki and Fossar but not deviating by more than 3.0% from the last transaction price. If an offer from Kvika banki or Fossar is accepted, they shall submit a new offer within 10 minutes.
The bid-ask spread shall be determined with reference to the tick size table of Nasdaq Iceland as it stands at any time, so that the spread is as close as possible to 1.5% but not less than 1.45%. However, Kvika banki and Fossar may temporarily go below the aforementioned spread due to circumstances arising from the tick size table of Nasdaq Iceland. If the price change within the trading day exceeds 5.0%, Kvika banki and Fossar are permitted to increase the maximum spread to 3.0%.
If Kvika banki and Fossar engage in trading of the Bank's shares for 675,000 in nominal value each (maximum amount), or more in automatic matching within the day, through the trading book of Kvika banki and Fossar, the obligations regarding the maximum spread of bid and ask offers within that day are cancelled.
The agreements are indefinite and effective from 17 February 2025. The parties may terminate the agreements with 14 day prior notice or by mutual agreement at any time.
Simultaneously, Íslandsbanki announces that the Bank has terminated its market making agreement with Arion banki hf. for shares issued by Íslandsbanki that are listed on Nasdaq Iceland under the ticker symbol ISB. The termination takes effect at the end of the day on 14 February 2025.
This announcement is released by Íslandsbanki hf. and contains information that qualified or may have qualified as inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), encompassing information relating to the market making agreements. For the purposes of MAR and Article 2 of Commission Implementing Regulation (EU) 2016/1055, this announcement is made by Ellert Hlöðversson, CFO of Íslandsbanki hf.