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Thursday, July 2, 2009

Equity Trader Alert #2009 - 48
NASDAQ Will Modify July Calculation Methodology for New Remove Fee Pricing Tier

Markets Impacted:

  • The NASDAQ Stock Market

Contact Information:

What you need to know:

  • As announced in Equity Trader Alert #2009-47, NASDAQ has introduced a new pricing tier, effective July 1, 2009.
  • Due to the late notice of this change, NASDAQ will exclude volume from the day on which each member had its lowest volume when calculating a member’s average daily volume for the month, pending filing with the SEC on an immediately effective basis.
  • If a member does not meet the criteria of the new pricing tier by this calculation, the standard remove fee will apply.
 

What is changing?

Due to the late notice of the pricing tier change announced in Equity Trader Alert #2009-47, NASDAQ will modify its July calculation methodology for the new pricing tier.

What new pricing was announced?

Effective July 1, 2009, NASDAQ® introduced a new pricing tier for firms that add greater than 35 million shares on average per day and whose total add/remove and routed volume is greater than 150 million shares on average per day for all U.S. equities.

  • Firms that meet these criteria will be assessed a discounted remove fee of $0.0027 per share for Tape A and Tape C securities executed on NASDAQ.

How will pricing tier calculations for July be made?

For purposes of calculating the new pricing tier, NASDAQ will exclude volume from the day on which each member had its lowest volume when calculating a member’s average daily volume for the month. If a member does not meet the discounted remove fee pricing tier criteria by this calculation, the standard remove fee of $0.0030 will apply.

This change is pending filing with the Securities and Exchange Commission (SEC) on an immediately effective basis.

Where can I get additional information?


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