Wednesday, November 28, 2012

Equity Trader Alert #2012 - 54
NASDAQ Pricing Update Effective Monday, December 3, 2012

Markets Impacted:

Contact Information:

What you need to know:

  • Pending filing with the SEC, effective Monday, December 3, 2012, NASDAQ will reduce its fees to remove liquidity to:
    • $0.0028 in Designated Securities for MPIDs that add at least 2 million shares daily and have a total average participation greater than or equal to 0.25% of total consolidated volume (TCV).
    • $0.0029 in securities priced greater or equal to $1.00 for Member firms that on average execute greater than 0.06% of TCV as Market-on-Close or Limit-on-Close orders.

What changes are being made to The NASDAQ Stock Market® (NASDAQ®) fees to remove liquidity?

Effective Monday, December 3, 2012, NASDAQ will reduce fees assessed for orders that execute against resting liquidity for firms or associated MPIDs that meet certain requirements, pending filing with the Securities and Exchange Commission (SEC).

Member firms that execute greater than 0.06% TCV as Market-on-Close or Limit-on-Close orders will be assessed a reduced take fee of $0.0029 for shares executed in all securities priced at or above $1.00.

Additionally, MPIDs that achieve a total participation (i.e., add + remove + route) level of greater than or equal to 0.25% of TCV and add 2 million shares of liquidity average per day will be assessed a reduced take fee of $0.0028 for shares executed in Designated Securities.

Fees to Remove Liquidity, Shares Executed at or above $1.00
Member firms that execute greater than 0.06% as Market-on-Close or Limit-on-Close orders $0.0029
All Other Member firms$0.0030
Fees to Remove Liquidity in Designated Securities
MPIDs with total participation greater than or equal to 0.25% and added volume of 2 million shares$0.0028
All Other MPIDs$0.0030

What are the Designated Securities?

Effective December 3, 2012, the Designated Securities are: BAC, DIA, EEM, F, GE, GEN, HPQ, INTC, IWM, MSFT, NOK, QQQ, S, SPY, TZA, VXX, XLF, YHOO.

Is the $0.0029 fee to remove liquidity available for Designated Securities?

Yes. If a member qualifies for the $0.0029 fee to remove liquidity based on its Market-on-Close and Limit-on-Close volumes, but the member's MPID does not meet the qualification for the $0.0028 fee, the member's MPID will be charged $0.0029 to remove liquidity in Designated Securities.

Where can I find more information?



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