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:
1. the minimum value requirement is met (see the table above); and
2. one of the following metrics are met:
  1. if both a bid and offer are being posted, and:
    1. 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
    2. 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
  2. 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.