Nasdaq Dangles Credits for Super-Active Traders
Published Date: 5/15/2025
Notice
Summary
Nasdaq is rolling out two new money-back credits for members who add lots of trading activity and serve as special helpers for certain exchange-traded products each month. If you’re a member hitting these activity goals, you’ll save on fees starting right away. This change encourages more trading action and support for popular products, making the market livelier and more rewarding for active players.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
New per-share rebates for DLPs
Nasdaq added two new per-share rebate tiers for members that act as Primary designated liquidity providers (DLPs). To qualify, a member must (i) add more than 0.10% of Consolidated Volume (tier 1) or more than 0.15% of Consolidated Volume (tier 2) through one or more Nasdaq Market Center MPIDs and (ii) have a monthly average of at least 45 (tier 1) or 50 (tier 2) assigned ETPs as a Primary DLP. Rebate amounts per share are: Tier 1 — Tape A $0.0020, Tape B $0.0025, Tape C $0.0022; Tier 2 — Tape A $0.0020, Tape B $0.0027, Tape C $0.0023.
Which orders qualify for the credits
The new credits apply only to displayed quotes/orders that provide liquidity and exclude Supplemental Orders and Designated Retail Orders. The credits are applied on a per-share executed basis for qualifying displayed liquidity.
Credits effective immediately
The rule change was filed May 1, 2025 and became effective upon filing, so members could receive the new credits immediately after filing. The SEC may suspend the change within 60 days of the filing if it acts to protect investors or the public interest.
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