# Market Makers

### Market Makers

#### Definition

A **Market Maker** is an investment firm pursuing a market-making strategy that involves posting firm, simultaneous two-way quotes of comparable size and competitive prices for one or more DLT Financial Instruments.

#### Responsibilities

* Provide continuous bid and ask quotes in designated instruments.
* Maintain competitive pricing and order book depth.
* Support orderly trading and price discovery.
* Operate according to platform trading rules and liquidity requirements.

#### Requirements

* Be admitted to 21X as a Participant.
* Hold appropriate authorization as an investment firm where required.
* Maintain the technical and operational capability to provide quotes on an ongoing basis.

***

### Liquidity Providers 

#### Definition

A **Liquidity Provider** is an investment firm that does **not** pursue a market-making strategy within the meaning of Art. 17(4) and 48(2) MiFID II, but assumes the role of Liquidity Provider for a particular DLT Financial Instrument in the context of a liquidity provision program implemented by 21X to improve liquidity in that instrument.

#### Responsibilities

* Provide liquidity for the relevant admitted-to-trading DLT Financial Instrument under the applicable liquidity provision program.
* Quote in accordance with the market model or fee model applicable to Liquidity Providers.
* Support improved trading conditions and market liquidity in the designated instrument.

#### Requirements

* Be admitted as a **Participant** on 21X.
* Be an **investment firm**.
* Not pursue a market-making strategy for that role.
* Be designated or included by 21X in a liquidity provision program for the relevant DLT Financial Instrument.