A specialist is a special type of market maker and is determined for specific securities by holding an annual tender. The trading participant which submits the best bid (in terms of minimum size and maximum spread) is appointed specialist. Only one specialist may be selected for each instrument. The tender procedure is conducted and announced by the exchange operating company.
All specialist & market maker obligations can be found in the following files:
prime market, standard market,
direct market plus, direct market
Auction with liquidity providers
pdf-file (130 KB)
Performance 03/2021 (pdf-file 700 KB)