Market Makers

The value of the actual spread (price corridor spread) is calculated in accordance with the formula:

FS = ((P1 − P2) / P2)) x 100%

where:

FS is the actual spread;
P1 is the maximum price of the Market-Maker’s sale bids where the total quantity of securities in the bids, calculated by progressive total in increasing order of price, is not less than the MAV (minimum acceptable volume);
P2 is the minimum price of the Market-Maker’s sale bids where the total quantity of securities in the bids, calculated by progressive total in decreasing order of price, is not less than the MAV.

When a Market-Maker submits Market-Maker bids for executing security trades in only one direction (for sale or purchase), the actual spread is calculated according to the formula:

FS = (2 x abs(PR − VWAP) / VWAP) x 100%

where:

FS is the actual spread;
PR is the maximum (minimum) price of the Market-Maker’s sale (purchase) bids where the total quantity of securities in the bids, calculated by progressive total in increasing (decreasing) order of price, is not less than the MAV;
VWAP is the current weighted average price of the security.