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Implementation Dates and Chosen Models

(last updated: 12/04/2010)

1. Implementation Dates


FESE
Member


Date of Implementation of the Tick
Size regime

Comments

BME


Table 4 on 4 J anuary, 2010 for the
IBEX 35 stocks

The possibility of using Table 4 for non
blue-chips is currently being studied on the
basis of liquidity criteria.

DBAG


Table 4 on 4 J anuary 2010 for all
German equities.

Table 4 will be used for both blue- and non
blue-chips

Equiduct /
Brse Berlin

Table 2 implemented for FTSE 350
Table 4 for the rest.



Irish Stock
Exchange

Table 4 from 28/06/2010


With effect from 28 J une 2010, Table 4 will
be implemented for the securities that are
the constituents of the ISEQ 20.

LSE Group


Table 2 - London 3/8/09
Table 2 - Italy 2/1/10 (provisional)

Super liquids excepted (different regime for
the 12 most liquid stocks).
On non blue-chips discussions continue
with market participants to fully explore
demand and potential for any new
harmonisation.

NASDAQ
OMX


NASDAQ OMX Stockholm:
26/10/09 Table 2 for S30 shares,
including dual listed share series even
if both share series are not in the
index
NASDAQ OMX Helsinki:
4 J anuary 2010 Table 2 for H25
shares, including dual listed share



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series even if both share series are
not in the index
NASDAQ OMX Copenhagen:
4 J anuary 2010 Table 2 for C20
shares, including dual listed share
series even if both share series are
not in the index

NYSE
Euronext

Table 4 16/7/09



Oslo Brs

Table 2 31/9/09



SIX Group

Table 2 9/11/09































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2. The proposed models (Table 1 to 4)
1
:

Stock Prices

Table 1
2
Table 2
Lower Upper Tick Tick as % of Price Tick Tick as % of Price
Limit Limit Size Max Min Size Max Min
Band 1 - 0,5 0,0001 - 0,02% 0,0001 - 0,02%
Band 2 0,5 1 0,0001 0,02% 0,01% 0,0005 0,10% 0,05%
Band 3 1 5 0,0005 0,05% 0,01% 0,001 0,10% 0,02%
Band 4 5 10 0,001 0,02% 0,01% 0,005 0,10% 0,05%
Band 5 10 50 0,005 0,05% 0,01% 0,01 0,10% 0,02%
Band 6 50 100 0,01 0,02% 0,01% 0,05 0,10% 0,05%
Band 7 100 500 0,05 0,05% 0,01% 0,1 0,10% 0,02%
Band 8 500 1.000 0,1 0,02% 0,01% 0,5 0,10% 0,05%
Band 9 1.000 5.000 0,5 0,05% 0,01% 1 0,10% 0,02%
Band 10 5.000 10.000 1 0,02% 0,01% 5 0,10% 0,05%
Band n 10.000 etc. etc 5 0,05% - 10 0,10% -

Stock Prices

Table 3 Table 4
2

Lower Upper Tick Tick as % of Price Tick Tick as % of Price
Limit Limit Size Max Min Size Max Min
Band 1 - 0,5 0,0005 - 0,10% 0.001 - 0.20%
Band 2 0,5 1 0,001 0,20% 0,10% 0.001 0.20% 0.10%
Band 3 1 5 0,005 0,50% 0,10% 0.001 0.10% 0.02%
Band 4 5 10 0,01 0,20% 0,10% 0.001 0.02% 0.01%
Band 5 10 50 0,05 0,50% 0,10% 0.005 0.05% 0.01%
Band 6 50 100 0,1 0,20% 0,10% 0.01 0.02% 0.01%
Band 7 100 500 0,5 0,50% 0,10% 0.05 0.05% 0.01%
Band 8 500 1.000 1 0,20% 0,10% 0.05 0.01% 0.005%
Band 9 1.000 5.000 5 0,50% 0,10% 0.05 0.005% 0.001%
Band 10 5.000 10.000 10 0,20% 0,10% 0.05 0.001% 0.0005%
Band n 10.000 etc. etc 50 0,50% - 0.05 0.0005%










1
These tables have been used as the basis for discussion across the venues and the basis for this
consultation. The stock price columns are based on the price of the order entered in the relevant
currency. Stock prices are to be applied differently depending on the tick sizes of the individual tables.
For details on each of the markets see the single stock exchanges communications.
2
Combined bands shown as shaded area.