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Friday, May 29, 2020

Equity Trader Alert #2020 - 29
Nasdaq and BX Pricing Updates Effective June 1, 2020

Category:

  • Pricing

Markets Impacted:

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Pending filing with the SEC, the following pricing changes will be effective Monday, June 1, 2020, for The Nasdaq Stock Market.

New Rebates to Add Displayed Liquidity

The following new display rebates will be added:

Per Share Executed Liquidity Code
Add greater than 1.20% TCV of which 0.25% establishes the NBBO $0.00305 A, 7, 8, a, x or y
  1. Add 0.75% or greater of TCV in Tape A securities; and
  2. Add 0.60% or greater of TCV in Tape B securities
 Additional $0.00005 in Tape A (other than Supplemental Orders or Designated Retail orders) A, 7, 8, a, x or y

New Nasdaq Qualified Market Maker (QMM) Rebate

QMM Tier Tape A, B and C QMM Incentive Liquidity Code
Tier 3
  1. Add greater than 1.25% of TCV;
  2. Member maintains a one- or two-sided quote, of at least one round lot at the NBBO in an average of at least 2,700 securities for at least 25% of market hours each month through one or more Nasdaq Market Center MPIDs of which at least 1,200 securities are in Tape A securities; and
  3. Increases add volume as a percentage of TCV in Tape A securities by 0.50% versus the firm’s May 2020 baseline
 Additional $0.00005 A, 7, 8, a, x or y


Pending filing with the SEC, the following pricing changes will be effective June 1, 2020, for Nasdaq BX.

Amended Fee to Add Other Non-Displayed Liquidity in All Securities

The current Other Non-Displayed add tier providing firms a $0.0028 fee for adding at least 0.25% TCV will be updated:

Tape A, B and C Per Share Executed Liquidity Code
Fee to Add Other Non-Displayed Liquidity
Firms removing and adding at least 0.225% TCV $0.0028 J

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