Market-making systems

(1) The Exchange Rules must contain provisions on the admission, by the Management, of investment services enterprises that pursue a market-making strategy within the meaning of section 80(5) of the Securities Trading Act at the exchange.
(2) The exchange must take suitable precautions to ensure that a sufficient number of investment services enterprises are admitted as market makers who post firm and competitive prices, thereby supplying liquidity to the market on a regular and predictable basis (market-making systems). This does not apply insofar as the exemption regulated in Article 5 of Commission Delegated Regulation (EU) 2017/578 of 13 June 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards specifying the requirements on market making agreements and schemes (OJ L 87, 31.3.2017, p. 183), in its respective current version, applies, or insofar as such a requirement is not appropriate on other grounds given the nature and scope of trading at the respective exchange.
(3) The Exchange Rules must contain obligations of the investment services enterprise in connection with the supply of liquidity. They may contain provisions on other rights and obligations arising from participation in the systems named in subsection (2).
(4) The Fee Regulations must contain provisions on the reduction of fees granted to an investment services enterprise for supplying liquidity to the market on a regular and predictable basis. This does not apply where, and insofar as, the exchange operator has already made corresponding arrangements with the investment services enterprise.
(5) As regards the individual requirements for the design of market-making systems, reference is made to Delegated Regulation (EU) 2017/578.