Liquidity & Market Making

ElectronX runs a set of liquidity and market-making programs for participants to provide consistent, two-sided markets in the products offered on the Exchange. The programs are designed to support active two-sided markets and to sharpen price discovery, which benefits all participants.

This page gives a general overview of what the programs offer and how to access the program documents. The specific obligations, eligibility criteria, and incentives for each program are set out in each program's document. See below for more details.

How the programs work

Each program sets out quoting obligations, such as maintaining two-sided markets in specified products and locations, at minimum sizes, for a portion of the trading day. Participants who meet a program's obligations become eligible for that program's incentives, which may include reduced or rebated execution fees or other predetermined benefits.

Most of the provider programs are application-based and expect liquidity to be provided algorithmically through the ElectronX API. Both the Size Liquidity Program and the Market Maker Program have no participant cap. The Size Liquidity Program requires no opt-in, and the Market Maker Program is opt-in.

Programs

ElectronX currently offers the following programs. Coverage by ISO and product, along with eligibility criteria and terms, is described in each program's document.

Application-based provider programs

The Founder Liquidity Provider (FLP), Core Liquidity Provider (CLP), Precision Liquidity Provider (PLP), and Advanced Liquidity Provider (ALP) programs are available to qualified applicants who commit to quoting two-sided markets.

These programs are generally available to a limited number of Exchange participants who apply and are sufficiently qualified as follows:

• A demonstrable 5-year track record in either (1) power trading, or (2) market making in other asset classes.
• A team of staff sufficiently sized to cover the Exchange hours of operation.

In addition, liquidity provision must be provided algorithmically through the ElectronX API.

Size Liquidity Program (SLP)

The SLP is available to all participants on the same published terms. There is no participant cap and no sign-up: every participant is enrolled automatically, and qualifying orders earn benefits from the start. Passive orders entered at a size of 100 lots or greater qualify for an execution-fee waiver and a per-lot maker rebate. The applicable rate is set by the order's entered size and applies to every fill against that order for the life of the order. As takers trade against an order and reduce its remaining quantity, subsequent fills against the remaining quantity continue to earn the maker rebate at the initial rate, including where the remaining quantity falls below 100 lots. Only passive, resting quantity qualifies; the portion of a marketable order that executes as the aggressor earns no benefit, and takers pay standard fees.

The per-lot maker rebate is set by the order's entered size, according to the following schedule:

Entered order size (lots)	Maker rebate per lot
Below 100	None
100 to 149	$0.02
150 to 199	$0.04
200 to 249	$0.06
250 and above	$0.08

The SLP imposes no two-sided quoting obligation and no maximum-spread requirement. Fills between accounts under common ownership or control do not qualify. Where a participant would also benefit from another ElectronX liquidity program in the same ISO, the greater benefit applies and duplicative benefits are not paid. Benefits are delivered as a rebate on the 15th of the month following the qualifying orders. The SLP runs for a defined term; see the program document for current dates. Standard clearing and settlement fees apply to all trading activity.

Market Maker Program (MMP)

The MMP is an opt-in program with no participant cap. It is open to Exchange participants who are not concurrently enrolled or qualified in another Exchange liquidity or fee-reduction program, and participants opt in by contacting the sales team. Participants may elect a combination of ISOs, locations, and products, and each elected instrument is assessed independently on a monthly basis. To qualify in a given month, a participant maintains active two-sided markets across a required number of locations and meets minimum coverage and presence thresholds that scale over the program term; minimum lot sizes and maximum spreads also scale over the term and are set out in the program document. In each month a participant meets the applicable thresholds, qualified instruments receive reduced execution fees, zero per lot for both maker and taker activity, and the participant also receives an ISO-wide maker-fee benefit on trades in that ISO. Benefits are delivered as a rebate on the 15th of the month following the month in which the requirements are met. Standard clearing and settlement fees apply to all trading activity. Participants can opt in by reaching out to sales@electronx.com with their intent.

Availability

Specific ISO and location availability and terms are set out in each program's document. Participation in the provider programs is available to a limited number of participants.

Access the program documents

The current program documents are published on the ElectronX account resources page under Fee Schedules & Programs: electronx.com/account-resources.