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Wednesday, November 26, 2025

Equity Trader Alert #2025 - 94
Nasdaq Pricing Update Effective December 1

Category:

  • Pricing Change

Markets Impacted:

Contact Information:

Resources:

Pending filing with the SEC, the following pricing change will be effective Monday, December 1, 2025 on Nasdaq.

New

The following rebate will be introduced:

Rebate to Add Other Non-Displayed Liquidity

Per Share Executed

Liquidity Code
  1. Firm (i) provides at least 0.10% TCV through non-displayed add liquidity (other than midpoint) and
  2. (ii) increases non-displayed add liquidity (other than midpoint) by at least 30% vs. September 2025 TCV*

$0.0015 in Tape A & B


$0.0010 in Tape C

J or N

*Unless otherwise extended, this tier will expire no later than the end of March 2026

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