Nasdaq Ends Market Data Rebates to Streamline Trader Fees
Published Date: 4/17/2025
Notice
Summary
Nasdaq PHLX is ending its Market Data Revenue Rebate program, which gave money back to traders who helped boost trading activity. This change affects anyone who used the rebate to save money on market data fees and takes effect immediately, meaning no more rebates starting now. The move aims to simplify fees and update how the Exchange encourages trading.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Exchange Ends Market Data Rebates
Nasdaq PHLX (PSX) has eliminated its Market Data Revenue (MDR) Rebate program effective immediately upon filing on April 10, 2025, so PSX participants will no longer receive quarterly MDR rebates starting now. The program had shared 40% of MDR that exceeded quarterly thresholds ($110,000 for Tape A and $200,000 for Tape C) to participants who met eligibility rules (quoting at the NBBO at least 25% of the time, averaging at least 250 Tape A or 300 Tape C securities per day per MPID, quoting displayed orders of at least 100 shares), and it excluded payments under $500 per quarter.
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