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Liquidity Requirements

Information about the minimum liquidity requirements under the Cboe Market Maker Fee Programme for each Schedule is found below

Price (A$) MAXIMUM
Spread1		 Minimum value2 Minimum time3
Schedule 1
$5< 2c $50,000 80%
≥$5 40bps $50,000 80%
Schedule 2
$5< 3c $30,000 80%
≥$5 60bps $30,000 80%
Schedule 3
$5< 5c $25,000 80%
≥$5 1% $25,000 80%
Schedule 4
$5< 7c $20,000 80%
≥$5 1.5% $20,000 80%
Schedule 5
$5< 10c $17,500 80%
≥$5 2% $17,500 80%
Schedule 6
$5< 12c $15,000 80%
≥$5 250bps $15,000 80%
Schedule 7
$5< 17c $12,500 80%
≥$5 350bps $12,500 80%
Schedule 8 (currently not in use)
Schedule 9
$5< 1.5c $100,000 80%
≥$5 30bps $100,000 80%
Schedule RB4
$0.05< Reasonable Bid4 $5004 90%
≥$0.05 Reasonable Bid4 $1,0004 90%
  • “MAXIMUM SPREAD”: The maximum spread is calculated based on the best bid price submitted by the relevant market maker.
  • “MINIMUM VALUE”: The minimum value is calculated based on the bid price for the bid quantity and offer price for the offer quantity submitted by the relevant market maker.
  • “MINIMUM TIME”: As a percentage of “Active Continuous Trading” as defined in the Cboe Operating Rules.
  • A Reasonable Bid for a Schedule RB investment product will exist if:
    • the minimum value requirement is met (see the table above); and
    • one of the following metrics are met:
      • if both a bid and offer are being posted, and:
        • if the bid price is less than $0.10, the spread between the bid price and the offer price is less than $0.01; or
        • if the bid price is at or higher than $0.10, the spread between the bid price and the offer price is less than 10% of the bid price; or
      • if a bid only is being maintained, it must be a “reasonable bid”
    Note that the minimum value requirement is imposed in relation to the bid only.