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Friday, December 1, 2023

Equity Trader Alert #2023 - 64
Nasdaq Pricing Change for Designated Liquidity Provider Program Effective Friday, December 1, 2023

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  • Pricing

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Nasdaq to change requirements for Incremental Tape C Rebate as part of Designated Liquidity Provider Program

Pending filing with the SEC, the following pricing changes will be effective Friday, December 1, 2023, for Nasdaq.

Previous Rebate

DLPs will be offered additional incremental trade rebates based on the number of ETPs taken on as DLP. If a DLP quotes on average at least 20% of the NBBO across all assigned ETPs and the average liquidity provided by the DLP for each assigned ETP averages at least 5% of the liquidity provided on Nasdaq in the respective ETPs, the DLP will qualify for the rebates below on all the NASDAQ-Listed ETPs they trade:

Tiers 1 2 3 4
Number of Assigned ETPs as DLP 100 50 25 10
Incremental Tape C ETP Rebate $0.0005/share $0.0004/share $0.0003/share $0.0002/share

New Rebate

Primary DLPs will be offered additional incremental trade rebates based on the number of ETPs taken on as Primary DLP. If a Primary DLP quotes on average at least 20% of the NBBO across all assigned ETPs and the average liquidity provided by the Primary DLP for each assigned ETP averages at least 5% of the liquidity provided on Nasdaq in the respective ETPs, the Primary DLP will qualify for the rebates below on all the NASDAQ-Listed ETPs they trade:

Tiers 1 2 3 4
Number of Assigned ETPs as Primary DLP 100 50 25 10
Incremental Tape C ETP Rebate $0.0005/share $0.0004/share $0.0003/share $0.0002/share

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