Category:Markets Impacted:Contact Information:Resources: |
Pending SEC filing, the following pricing adjustments will be effective Wednesday, June 1, 2022, for Nasdaq. Introduction of New Rebate for Adding Displayed LiquidityThe following new display rebate will be implemented:
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Revised Rebates for Adding Displayed Liquidity
Current display add credits will be revised as follows:
| Rebate for Adding Displayed Liquidity | Per Share Executed | Liquidity Code † |
|---|---|---|
| 1. Increase average daily volume of Midpoint Extended Life Orders (including midpoint orders that execute against Midpoint Extended Life Orders) by 2 million shares or more compared to the firm’s June 2021 Midpoint Extended Life Orders ADV; or 2. Add a minimum ADV of 4 million shares through midpoint orders (midpoint add + MELO) and grow midpoint add ADV (midpoint add + MELO) by 150% or more versus June 2021 midpoint add ADV. |
Additional $0.0001 (excluding Supplemental Orders or Designated Retail Orders) |
A, 7, 8, a, x or y |
| 1. Increase average daily volume of Midpoint Extended Life Orders (including midpoint orders) by 1 million shares or more versus June 2021; or 2. Add a minimum ADV of 3 million shares through midpoint orders (midpoint add + MELO) and grow midpoint add ADV by 100% or more against June 2021. |
Additional $0.00005 (excluding Supplemental Orders or Designated Retail Orders) |
A, 7, 8, a, x or y |
| Firms that add over 4 million shares daily, including at least 1.5 million shares daily of non-displayed liquidity (excluding midpoint orders) or Midpoint Extended Life Orders | $0.0020 | A, 7, 8, a, x or y |
| Adding more than 0.10% | $0.0020 | A, 7, 8, a, x or y |
| 1. Provides an average daily liquidity of at least 250,000 shares in Tape A or B securities (combined); or 2. Routes an average volume of at least 10,000 shares during the month via the QDRK routing strategy in Tape C securities. |
$0.0018 | A, 7, 8, a, x or y |
| All other firms | $0.0018 for Tape A & B Securities $0.0013 for Tape C Securities |
A, 7, 8, a, x or y |
Removal of Rebate for Adding Non-Displayed Liquidity
The following non-display add rebates will be discontinued:
| Rebates for Adding Non-Displayed Midpoint Liquidity (excluding buy/sell orders with Midpoint pegging receiving execution prices lower/higher than the midpoint of the NBBO) | Per Share Executed | Liquidity Code † |
|---|---|---|
| 1. Executes an average daily volume of at least 1 million shares through midpoint and Midpoint Extended Life Orders; and 2. Increases midpoint and Midpoint Extended Life Orders volume by 10% or more compared to the firm’s April 2019 midpoint and Midpoint Extended Life Orders volume |
$0.0019 for Tape A & B, $0.0013 for Tape C |
k |
| 1. Increases midpoint add ADV by 10% or more against May 2021 midpoint add ADV; and 2. Adds a minimum of 15 million shares of midpoint liquidity daily |
Additional $0.0001 (with a maximum non-displayed midpoint rebate of $0.0027) | k |
| Rebates for Adding Other Non-Displayed Liquidity | ||
| Firm (i) provides 0.30% TCV through non-displayed orders and Midpoint Extended Life Orders, and (ii) increases non-displayed add liquidity and Midpoint Extended Life Orders volume by 0.10% TCV compared to August 2020 | $0.00125 for Tape A & B, $0.0010 for Tape C |
J or N |
Termination of Nasdaq Growth Program
The Nasdaq Growth Program will be terminated.
Pending SEC filing, the following pricing changes will be effective Wednesday, June 1, 2022, for PSX.
Introduction of New Rebate for Adding Non-Displayed Liquidity
The following new rebate for adding liquidity will be introduced:
| Rebates to Add Non-Displayed Liquidity via Orders with Midpoint Pegging | Per Share Executed | Liquidity Code † |
|---|---|---|
| Add Non-Displayed Liquidity via Midpoint Pegging with at least 1 million shares ADV | $0.0025 | k |
Adjusted Rebates for Adding Non-Displayed Liquidity
The current non-display add credits will be adjusted as follows:
| Rebates for Adding Non-Displayed Liquidity via Orders with Midpoint Pegging | Per Share Executed | Liquidity Code † |
|---|---|---|
| All firms | $0.0018 | k |
