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Friday, March 31, 2023

Equity Trader Alert #2023 - 15
Nasdaq Pricing Updates Effective April 3, 2023

Category:

  • Pricing

Markets Impacted:

Contact Information:

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Pending filing with the SEC, the following pricing changes will be effective Monday, April 3, 2023, for BX.

Discontinued Rebates to Remove Liquidity

The following rebates will be removed:

Per Share Executed Liquidity Code
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 in Tape B R
Firms Adding and Removing at least 0.075% TCV; and Adding at least 50,000 ADV $0.0015 in Tapes A & B and $0.0014 in Tape C R

Discontinued Fees to Add Displayed Liquidity

The following fees will be removed:
Per Share Executed
Liquidity Code
Firms Adding at least 0.25% TCV $0.0012 A or 7 or 8
Firms Adding at least 0.15% TCV $0.0014 A or 7 or 8
Firms Adding at least 0.10% TCV $0.0017 A or 7 or 8
Firms Adding at least 9.5M ADV and increase Adding ADV by 15% vs firm’s March 2021 Add volume $0.0017 A or 7 or 8
Firms Adding at least 2.5M ADV and increase Adding ADV by 25% vs firm’s March 2021 Adding ADV $0.0020 A or 7 or 8

Discontinued Fees to Add Displayed Non-Displayed Liquidity

The following fees will be removed:

Per Share Executed Liquidity Code
Firms Adding and Removing at least 0.15% TCV and firm has at least 35% Displayed Add to Total Add Ratio during the month $0.0024 J

Amended Rebates to Remove Liquidity

The following rebates to remove displayed liquidity will be harmonized across all Tapes:
Per Share Executed
Liquidity Code
Firms Adding and Removing at least 0.10% TCV; and Removing at least 0.05% TCV; and Adding at least 50,000 ADV $0.0016 R
Firms Adding and Removing at least 0.05% TCV; and Adding at least 50,000 ADV $0.0010 R
Firms adding at least 50,000 ADV $0.0005 R
Pending filing with the SEC, the following pricing changes will be effective Monday, April 3, 2023, for PSX:

New Rebates to Add Displayed Liquidity

The following rebates to add displayed liquidity will be added:
Per Share Executed
Liquidity Code

1. Firm adds 0.10% or more of TCV during the prior month; and

2. Firm adds 0.10% or more of TCV during the month

 Additional $0.00005 A or V
Firm adds 0.15% or more of TCV $0.0033 A or V
Firm adds 0.07% or more of TCV $0.0032 A or V

Amended Rebates to Add Displayed Liquidity

The following rebates to add displayed liquidity will be amended as follows:
Shares Executed At or Above $1.00
Per Share Executed
Liquidity Code
    Firm adds 0.05% or more of TCV
$0.0030 A or V

Amended Fees to Remove Liquidity

The following fees to remove liquidity will be amended as follows:
Shares Executed Below $1.00
Per Share Executed
Liquidity Code
    Fee to Remove Liquidity
0.30% (i.e. 30 basis points) of total dollar volume R or m

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