Information regarding changing tables tick size in accordance with MiFID II

In accordance with the requirements of Commission Delegated Regulation (I) 2017/588 on tick size will NGM stock exchange to adjust their tables for the tick size in connection with the implementation of MiFID II.

The new tables for the tick size under the requirements of MiFID II and Commission Delegated Regulation (I) 2017/588 and contains six liquidity band that defines the minimum tick size that is allowed for each instrument in a given liquidity bands. Liquidity bands based on the average daily number of transactions (ADNT) performed on the most relevant market for that instrument. ADNT values ​​are usually calculated by the European Securities- and market authority (ESMA) and a twelve tubes. A change of ADNT can occur earlier than that, for example in connection with a so called corporate action, and then cash the band change. Such an amendment will be communicated in advance and takes place from one day to another, no intraday.

ADNT values

ESMA / FSA has published ADNT values ​​of all shares traded until 24 October 2017. The attached file appears in those shares ADNT values ​​and the liquidity bands like these will apply from the 3 January 2018.

For those companies listed by the 25 October 2017 is a separate market message will be sent out no later than 2 January 2018 with information about the tick size tables that these companies will apply from the 3 January 2018.

Note that all other share-based instruments such as warrants, paid subscribed shares, options and convertibles retaining current tick size.

Note also that the order books for all instruments replace the tick size will be cleared for trading starting on 3 January 2018.

The current standards for tick sizes or minimum tick sizes that this will apply to all markets and thus also includes NGM. More info to come soon.

Mifid2 rules say that the tick size will be based on this template (See picture). Tick ​​sizen will therefore depend primarily on commercial sales of any single share. NGM may choose to give a single share a higher tick size than the table suggests, but not less.