Search:
   

Wednesday, November 26, 2025

Equity Trader Alert #2025 - 95
Nasdaq to Introduce Enhanced Designated Liquidity Provider (DLP) Program and New Market Quality Supporter (MQS) Program

Category:

  • Pricing

Markets Impacted:

Contact Information:

Resources:

Pending SEC review, effective December 1, 2025 the Nasdaq Stock Market (Nasdaq) will introduce enhancements to the DLP Program and a new MQS Program. The enhanced DLP Program will implement market quality performance standards based on the ETP's underlying investment strategy that determine eligibility for DLP rebates and stipends set forth below.

The current DLP Program also includes the option to enroll a Secondary DLP. The new MQS Program will replace the current Secondary DLP Program, and will implement market quality performance standards based on the ETP's investment strategy that determine eligibility for the MQS stipend set forth below. An ETP may have up to 3 MQS's enrolled.

For more information on the new DLP and MQS programs, including ETP groupings and market quality performance standards, please see the new DLP Enhancements Factsheet.

DLP Program Rebates/Stipends

ADV Tiers Rebates/Stipends
 Tier 1 (>1mm)  $0.0034/share 
Tier 2 (>250k-1mm)  $0.0040/share
Tier 3 (>150k-250k)  $350/month
Tier 4 (>50k-150k)  $450/month
Tier 5 (<=50K)  $500/month

Incremental Rebate for DLP Assignments on Nasdaq

# of DLP Assignments that meet Notional Depth and Average Spread Requirements  Tape C Incremental Rebate
 200  $0.00055
135  $0.00045 
75  $0.00040 
35  $0.00035 
20  $0.00025

MQS Program Stipends

ADV Tiers  Stipends
 Tiers 2-5 (<=1mm)  $175



Please follow Nasdaq on Facebook RSS and Twitter.

Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.

View NASDAQTrader.com Mobile