Wednesday, August 29, 2012

Equity Trader Alert #2012 - 34
NASDAQ Pricing Update Effective Tuesday, September 4, 2012

Markets Impacted:

Contact Information:

What you need to know:

  • Effective Tuesday, September 4, 2012, pending filing with the Securities and Exchange Commission (SEC), The NASDAQ Stock Market® (NASDAQ®) will update the following:
    • The qualifications and rebates for adding displayed liquidity
    • Fees to remove liquidity in Tape B Securities
    • Investor Support Program (ISP) Tier 2 rebate

What is changing in regard to qualifications and rebates to add displayed liquidity?

Effective September 4th, qualifications and rebates to add displayed liquidity will be as follows:

Added through any single MPID Rebate per share
Greater than 0.90%$0.00295
Greater than 0.75%, and
  • Member firm is a registered market maker in at least 7,000 securities, and
  • Member firm adds greater than 0.90% of TCV in all securities across all member firm MPIDs
$0.00295
Added by Firm Rebate per share
Greater than 1.0% added and greater than 200,000 total contracts (added and removed) on NOM$0.00295
Greater than 0.5% added$0.0029
Greater than 0.30% added of which 0.1% are Tape B securities$0.0029
Greater than 0.25% added and greater than 100,000 total contracts (added and removed) on NOM$0.0029
Greater than 0.3% added$0.0027
Greater than 0.10% added and greater than 100,000 total contracts (added and removed) on NOM$0.0027
Greater than 0.1% added$0.0025
Minimum of 2 million shares added per day and greater than 0.45% removed$0.0025
Less than 0.1% added$0.0020

What is changing in regard to fees to remove liquidity in Tape B Securities?

Effective September 4th, the Fee to Remove Liquidity in all Tape B Securities for all participants will be $0.0030.

What is changing in regard to the Investor Support Program?

Effective September 4th, the ISP rebate for Tier 2 will be updated from $0.000275 to $0.0001 paid on all ISP shares. Qualification methods for Tier 2 will remain unchanged.

Where can I find more information?


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