Pending filing with the SEC, the following pricing changes will be effective October, 1, 2025 on Nasdaq.

New

 The following rebate will be introduced:

Rebate to Add Non-Displayed Midpoint Liquidity (excluding buy (sell) orders with Midpoint pegging that receive an execution price that is lower (higher) than the midpoint of the NBBO)	Per Share Executed	Liquidity Code
Firm adds ADV of 20 million or more shares of midpoint liquidity	$0.0027	k

 

QMM Update

Qualified Market Makers

NASDAQ rewards market makers who actively quote at the National Best Bid or Offer (NBBO) in a broad set of securities through the QMM program. A Member attains QMM status by meeting certain quoting requirements each month. By meeting affirmative standards, QMMs receive meaningful benefits to further encourage broad-based liquidity provision.

Members must meet the following obligations to qualify as a QMM:

• Maintain a one- or two-sided quote, of at least one round lot at the NBBO in an average of 1,000 securities for at least 25% of market hours each month through one or more Nasdaq Market Center MPIDs.

QMM rebate incentives for achieving the QMM criteria are as follows: A rebate per share executed (as defined in the below table) for all displayed orders (other than Designated Retail Orders) in securities priced at $1 or more per share that provide liquidity and were for securities listed on NYSE ("Tape A QMM Incentive"), securities listed on exchanges other than Nasdaq and NYSE ("Tape B QMM Incentive"), or securities listed on Nasdaq (“Tape C QMM Incentive”). Such rebate for executions will be in addition to any rebate payable under Rule 7018 (existing add displayed liquidity rebates):

 

QMM Tiers		Tape A QMM Incentive	Tape B QMM Incentive	Tape C QMM Incentive
Tier 1	Member adds liquidity (displayed, non-displayed, and midpoint) provided in all securities through one or more of its Nasdaq Market Center MPIDs that represents 0.70% up to and including 0.90% of Consolidated Volume during the month or 70 million shares ADV during the month. or Member adds liquidity (displayed, non-displayed, and midpoint) provided in all securities through one or more of its Nasdaq Market Center MPIDs that represents 0.80% up to and including 0.90% (in securities priced at or greater than $1) of Consolidated Volume (in securities priced at or greater than $1) during the month.	$0.0001	$0.0001	$0.0001
Tier 2	Member adds liquidity (displayed, non-displayed, and midpoint) provided in all securities through one or more of its Nasdaq Market Center MPIDs above 0.90% of Consolidated Volume during the month. or Member adds liquidity (displayed, non-displayed, and midpoint) provided in all securities through one or more of its Nasdaq Market Center MPIDs above 0.90% (in securities priced at or greater than $1) of Consolidated Volume (in securities priced at or greater than $1) during the month.	$0.0002	$0.0002	$0.0002

 

 

In addition to the above rebate incentives, QMMs that execute shares of liquidity provided in all securities through one or more of its Nasdaq Market Center MPIDs that represent 1.00% or more of Consolidated Volume during the month will be assessed a discounted remove fee of $0.00295 in Tapes A and B for shares executed (in securities priced at or greater than $1). QMMs that meet the criteria of Tier 2 and 1) have a combined Consolidated Volume (adding and removing liquidity) of at least 3.7%; 2) execute 0.35% MOC/LOC; and 3) provide 0.15% liquidity using midpoint orders during the month will be assessed a discounted remove fee of $0.0029 in Tapes A and B for shares executed (in securities priced at or greater than $1).

A Member's MPIDs may qualify for an additional rebate of $0.000075 $0.0001 in Tapes A, B and C, and an additional rebate of $0.00005 in Tape B in addition to the Tier 2 QMM incentive by the (i). MPID adding greater than 0.325% TCV; and (ii) achieves at least a 95% ratio of its liquidity adding activity to its total activity on the Exchange during the month. MPID maintaining a one- or two-sided quote, of at least one round lot at the NBBO in an average of at least 2,700 securities for at least 50% of market hours each month through one or more Nasdaq Market Center MPIDs of which at least 1,200 securities are in Tape A securities; and 3. MPID Increasing add volume as a percentage of TCV in Tape A securities by 0.50% versus the MPID’s May 2020 baseline.

In order to determine how much time a Member quotes a security at the NBBO for purposes of determining a Member's QMM eligibility, NASDAQ will take the average of the time spent at the bid and offer between 9:30 a.m. and 4:00 p.m., Eastern Time (ET) for each trading day for each of a Member’s MPIDs. The monthly average will be calculated for each MPID for each security by summing the security's daily averages then dividing the resulting sum by the total number of trading days in the month. The exchange will aggregate the number of securities meeting the 25% threshold requirement for all of a Member’s MPIDs to determine if the Member met the 1,000 security threshold for the month.