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Wednesday, November 27, 2019

Equity Trader Alert #2019 - 89
Nasdaq and BX Pricing Updates Effective December 2, 2019

Category:

  • Pricing

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Pending filing with the SEC, the following pricing changes will be effective Monday, December 2, 2019, for The Nasdaq Stock Market.

Amended Rebate to Add Displayed Liquidity

The current add tier providing firms a $0.00305 rebate for adding greater than 1.25% TCV will be updated:

Per Share Executed Liquidity Code
Add greater than 1.5% $0.00305 A, 7, 8, a, x or y

Amended Rebate for Midpoint Orders that Received Price Improvement

Buy (sell) Midpoint orders that receive an execution price that is lower (higher) than the midpoint of the NBBO will receive the existing rebates for adding non-displayed liquidity:

Per Share Executed Liquidity Code
Firm (i) provides 0.10% TCV through non-displayed orders (other than midpoint orders) and (ii) provides 0.15% liquidity using midpoint orders $0.0015 in Tape A & B, $0.0010 in Tape C J or N
Firm adds greater than 0.03% of TCV of non-displayed liquidity, including midpoint orders $0.0010 for Tape A & B Securities, $0.0005 for Tape C Securities J or N
All other firms $0.0000 for all tapes J or N


Pending filing with the SEC, the following pricing changes will be effective December 2, 2019, for Nasdaq BX.

Amended Rebates to Remove Liquidity

The following new remove rebates will replace all existing remove rebates. Note: There are no changes to the existing rates for removing midpoint and other non-displayed liquidity - these continue to be free.

Per Share Executed Liquidity Code
Rebate to Remove Liquidity Tape A Tape B Tape C
Firms removing and adding at least 0.225% TCV; and Adding at least 50,000 ADV $0.0029 $0.0029 $0.0028 R
Firm removing at least 0.08%TCV; and Adding at least 50,000 ADV $0.0026 $0.0026 $0.0025 R
Firms removing at least 0.05% TCV; and Adding 50,000 ADV $0.0021 $0.0021 $0.0020 R
Firms adding at least 50,000 ADV $0.0015 $0.0015 $0.0014 R
All other firms $0.0007 fee $0.0007 fee $0.0007 fee R

Amended Fees to Add Displayed Liquidity

The following new display fees will replace all existing display fees in Tape A, B and C securities.

Per Share Executed Liquidity Code
Firms adding at least 0.25% TCV $0.0024 A or 7 or 8
Firms adding at least 0.15% TCV $0.0026 A or 7 or 8
Firms adding at least 0.07% TCV $0.0028 A or 7 or 8
All other firms $0.0030 A or 7 or 8

Amended BX Qualified Market Maker (QMM) Program

The following new BX QMM program will replace the existing program.

Per Share Executed Liquidity Code
Firms quoting at the NBBO in an average of 400 symbols for at least 25% of market hours; and Adding at least 0.07% TCV $0.0001 discount (to otherwise applicable add fees) A or 7 or 8
Firms quoting at the NBBO in an average of 750 symbols for at least 25% of market hours; and Adding at least 0.15% TCV $0.0002 discount (to otherwise applicable add fees) A or 7 or 8

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