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Thursday, April 1, 2021

Equity Trader Alert #2021 - 22
Nasdaq BX Pricing Updates Effective April 1, 2021

Category:

  • Pricing

Markets Impacted:

Contact Information:

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Pending filing with the SEC, the following pricing changes will be effective Thursday, April 1, 2021, for BX.

Amended Rebates to Remove Liquidity

All current remove rebates will be replaced with the following:

Per Share Executed in Tapes A & B Rate Per Share Executed in Tape C Liquidity Code
Rebate to Remove Liquidity
Firms Adding and Removing at least 0.15% TCV; and Removing at least 0.05% TCV; and Adding at least 50,000 ADV $0.0018 $0.0018 R
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 $0.0015 R
Firms Adding and Removing at least 0.075% TCV; and Adding at least 50,000 ADV $0.0015 $0.0014 R
Firms Adding and Removing at least 0.05% TCV; and Adding at least 50,000 ADV $0.0010 $0.0009 R
Firms Adding at least 50,000 ADV $0.0005 $0.0004 R
All other firms $0.0007 fee $0.0007 fee R

Amended Fees to Add Displayed Liquidity

All current display add fees will be replaced with the following:

Per Share Executed in Tapes A & B Rate Per Share Executed in Tape C Liquidity Code
Fee to Add Displayed Liquidity
Firms Adding at least 0.25% TCV $0.0012 $0.0012 A or 7 or 8
Firms Adding at least 0.15% TCV $0.0014 $0.0014 A or 7 or 8
Firms Adding at least 0.10% TCV $0.0017 $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 $0.0017 A or 7 or 8
Firms Adding at least 0.05% TCV $0.0020 $0.0020 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 $0.0020 A or 7 or 8
All other firms $0.0030 $0.0030 A or 7 or 8

Amended Fees to Add Midpoint Orders

All current midpoint add fees will be replaced with the following:

Per Share Executed in Tapes A & B Rate Per Share Executed in Tape C Liquidity Code
Fee to Add Liquidity using Order with Midpoint Pegging
Firms Adding at least 0.02% TCV of non-displayed liquidity $0.0005 $0.0005 k
All other firms Adding non-displayed liquidity $0.0010 $0.0010 k
Fee to Add Liquidity for Midpoint orders that received price improvement better than the midpoint of the NBBO $0.0030 $0.0030 N

Amended Fees to Add Other Non-Displayed Liquidity

All current other non-displayed add fees will be replaced with the following:

Per Share Executed in Tapes A & B Rate Per Share Executed in Tape C Liquidity Code
Fee to Add Other Non-Displayed Liquidity
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 $0.0024 J
All other firms Adding non-displayed liquidity $0.0030 $0.0030 J

Amended BX Qualified Market Maker (QMM) Program

The current QMM criteria providing an additional $0.0001 discount for firms “quoting at the NBBO in an average of 400 symbols for at least 25% of market hours and adding at least 0.07% TCV” will be updated to:

Per Share Executed Liquidity Code
Firms quoting at the NBBO in an average of 325 symbols for at least 10% of market hours; and Adding at least 0.07% TCV $0.0001 discount (to otherwise applicable Display add fees) A or 7 or 8

Additionally, the current QMM criteria providing an additional $0.0002 discount for firms “quoting at the NBBO in an average of 750 symbols for at least 25% of market hours and adding at least 0.15% TCV” will be discontinued.

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