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Thursday, June 30, 2016

Equity Trader Alert #2016 - 146
Nasdaq and BX Pricing Updates Effective July 1st, 2016

Category:

  • Pricing

Markets Impacted:

Contact Information:

Resources:

Pending filing with the SEC, Friday, July 1, 2016, Nasdaq will implement a new display adding tier, delete a display adding tier, and adjust an existing display adding tier.

New Display Add Tier:


Per Share Executed Liquidity Code
Rebate to Add Displayed Liquidity, Shares Executed at or Above $1.00
Added by Firm
Member firms who
(i) Add greater than 0.10% TCV; and and

(ii) Add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Non- Penny Pilot Options 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

The add display tier requiring “Minimum of 2 million shares added per day and greater than 0.65% removed” will be updated to:

Per Share Executed Liquidity Code
Minimum of 2 million shares added per day and greater than 0.80% removed $0.0029 A, 7, 8, a, x or y

The following tier will be removed:

Per Share Executed Liquidity Code
    1. Add greater than 0.20% TCV; and
    2. Add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Penny Pilot Options and/or Non- Penny Pilot Options of 0.80% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on the Nasdaq Options Market; and
    3. Add Customer, Professional, Firm, Non-NOM Market Maker and/or Broker-Dealer liquidity in Non- Penny Pilot Options of 0.15% or more of total industry ADV in the customer clearing range for Equity and ETF option contracts per day in a month on the Nasdaq Options Market; and
    4. Market-on-Close and Limit-on-Close ("MOC/LOC") orders volume above 0.04% of Consolidated Volume
 $0.0030 A, 7, 8, a, x or y

Pending filing with the SEC, Friday, July 1, 2016, BX will discontinue one adding tier and one remove tier:

The follow remove tier will be discontinued:

Shares Executed At or Above $1.00 Per Share Executed Liquidity Code
Rebate to Remove Liquidity
Firms removing at least 0.20% TCV $0.0017 R

The following add tier will be discontinued:

Shares Executed At or Above $1.00 Per Share Executed Liquidity Code
Fee to Add Displayed Liquidity
Firms that add at least 0.10% TCV $0.0019 A or 7 or 8

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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

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