Please be informed that Treasury BondSpot Poland Market Rules have been changed by the Management Board of BondSpot S.A.

Consolidated version of Treasury BondSpot Poland Market Rules has been published on BondSpot S.A. website: http://bondspot.pl/regulacje_TBSPoland

The above mentioned changes will come into force as of April 23rd, 2019, subject to the case specified in the attached resolution of BondSpot’s Management Board.

The main changes concern:

1. definition of algotrading (§ 1 of TBSP Rules),
2. conditions for admission to trading and new admission procedure (§ 3 - § 8 of TBSP Rules),
3. undertakings of Participants (§ 12, § 15a of TBSP Rules),
4. rules in the scope circuit breakers (§ 21c of TBSP Rules),
5. enabling the Company to introduce restrictions on market access (§ 21d of the TBSP Rules),
6. definition of parameters regarding an offer with the disclosed and undisclosed amount (Iceberg) (§ 24 ust. 4 of TBSP Rules),
7. Trade Registration Facility instead of RFQ functionality (§ 27a, § 27b of TBSP Rules),
8. new category of disciplinary measure - monetary penalty (§ 36 of TBSP Rules),
9. Market Maker obligations in accordance with article 48 in connection with article 18.5 of the Directive 2014/65/EU of the European Parliament and of the Council (annex G of TBSP Rules),
10. provisions of data to the public (pre and post trading transparency) (§ 31a, of Annex M TBSP Rules).