Tuesday, January 20, 2015
Equity Trader Alert #2015 - 10
Nasdaq Amends Access Fee Program
As announced in Equity Trader Alert #2014-102, effective Monday, February 2, 2015, Nasdaq will implement the below, experimental pricing schedule for lowered access fees in the following 14 symbols ("Select Symbols"). The purpose of this equity trader alert is to inform market participants of a change in the symbols. AVNR has been removed and replaced with MU. The Select Symbols are outlined as follows:
As explained in the SEC rule filing, the experimental fee reduction proactively implemented by Nasdaq will generate much-needed data about the impact of access fees on areas that matter most to investors such as the level of off-exchange trading, price discovery, trading costs, displayed liquidity, and execution quality.
Nasdaq believes that a data driven, empirically-based review of the impacts of fees and rebates on market quality is the sound and prudent method to drive the equity markets toward improved market structure.
Nasdaq intends to have the Select Symbol program active for no less than four months. Any changes to Nasdaq's intended plans will be subject to SEC filing.
Periodically, Nasdaq’s Economic and Statistical Research Group intends to make public via an Equity Trader Alert the results of the above on-going program. Statistics to be analyzed and discussed are changes in market share, displayed liquidity, effective spreads, and volatility amongst other metrics.
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