Friday, April 30, 2021

Equity Trader Alert #2021 - 31
Nasdaq, BX and PSX Pricing Updates Effective May 3, 2021

Category:

  • Pricing

Markets Impacted:

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Pending filing with the SEC, the following pricing changes will be effective Monday, May 3, 2021, for Nasdaq.

Amended Rebates to Add Displayed Liquidity

The current $0.0030 display add rebate that applies to firms adding “1.30% or greater added of which 0.40% or greater are Tape B securities” will be updated to:

Per Share Executed Liquidity Code
1.25% or greater added of which 0.40% or greater are Tape B securities $0.0030 A, 7, 8, a, x or y

The current $0.00295 display add rebate that applies to firms adding “greater than 0.80% TCV; and 0.35% or greater are Tape C securities; and 0.15% or greater are Designated Retail orders” will be updated to:

Per Share Executed Liquidity Code
  1. Add greater than 0.65% TCV; and
  2. 0.15% or greater are Designated Retail orders; and
  3. Firm has a 60% add to total volume (adding and removing) ratio during the month
$0.00295 A, 7, 8, a, x or y

The current $0.0027 display add rebate that applies to firms adding “greater than 0.10% TCV; and adding Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity of 0.40% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM” will be updated to:

Per Share Executed Liquidity Code
  1. Add greater than 0.10% TCV; and
  2. Add liquidity of 0.40% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on NOM
$0.0027 A, 7, 8, a, x or y

Amended Route Rates

The current rates for routing using the SCAR strategy will be updated to:

Per Share Executed Liquidity Code
Rebate for orders that execute on BX $0.0025 $0.0016 B
Fee for orders that execute on PSX $0.0029 P
Fee for orders that execute on NASDAQ Standard Nasdaq Rates Apply
Rebate for orders that add liquidity to NASDAQ Standard Nasdaq add rates Apply


Pending filing with the SEC, the following pricing changes will be effective Monday, May 3, 2021, for BX.

New Rebate to Remove Liquidity

Add the following new remove rebate:

Per Share Executed in Tape B Rate Per Share Executed in Tapes A & C Liquidity Code
Rebate to Remove Liquidity
Firms Removing at least 0.035% of TCV in Tape B and growing Tape B % Removing TCV by 60% vs firm's April 2021 Tape B % Remove TCV; and Adding at least 50,000 ADV $0.0018 N/A R


Pending filing with the SEC, the following pricing changes will be effective Monday, May 3, 2021, for PSX.

Amended Route Rates

The current rates for routing using the SCAR strategy will be updated to:

Nasdaq (Q) BX (B) NYSE (D) Other (X)
SCAR $0.00295 $0.0025 $0.0016 Rebate N/A N/A


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