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Why is there a different active quote liquidity service standard (i) between warrants and CBBCs and (ii) between local index and actively traded stock respectively?

Spreads for CBBCs are wider than those for warrants because the price of CBBCs is generally more sensitive to movements in the value of the underlying asset, meaning that it is more costly for the issuer to hedge that underlying asset.

Spreads for warrants or CBBCs over an actively traded stock are wider than those for warrants or CBBCs over a local index because of the higher liquidity to hedge a local index and it is generally more costly (e.g. stamp duties, bid-ask spread, etc.) to hedge the actively traded stock underlying.