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Tuesday, June 30, 2020

Equity Trader Alert #2020 - 38
UPDATE: Nasdaq and PSX Pricing Updates Effective July 1, 2020

Category:

  • Pricing

Markets Impacted:

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Updates highlighted in yellow.

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

New Rebates to Add Displayed Liquidity

The following new display rebates will be added:

Per Share Executed Liquidity Code
Add 0.50% or greater of TCV of which
  1. 0.35% or greater are Tape C securities; and
  2. 0.15% or greater are Designated Retail orders
 $0.00295 A, 7, 8, a, x or y
Firm has a 60% add to total volume (adding and removing) ratio during the month and Add 0.50% or greater of TCV of which
  1. 0.35% or greater are Tape C securities; and
  2. 0.15% or greater are Designated Retail orders
 Additional $0.00005 (other than Supplemental Orders) A, 7, 8, a, e, x or y

Amended Rebate to Add Displayed Liquidity

The current display rebate providing firms a $0.00305 will be updated:

Per Share Executed Liquidity Code
  1. Add greater than 0.60% 0.95% TCV; and
  2. Add NOM Market Maker liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 0.10% 0.20% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM; and
  3. Add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 1.50% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM
 $0.00305 A, 7, 8, a, x or y

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

New PSX Qualified Market Maker (QMM) Rebate

The following new QMM tier will be added:

Shares Executed At or Above $1.00 Per Share Executed Liquidity Code
Rebate to Add Displayed Liquidity
  1. Add 0.12% or greater of TCV; and
  2. Firm quotes at the NBBO in an average of 850 symbols for at least 10% of market hours
 Additional $0.0003 in Tape A A or V

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