Nasdaq Dangles Tiny Credits to Lure More Market Liquidity
Published Date: 7/16/2025
Notice
Summary
Nasdaq is rolling out a new credit to reward members who add lots of displayed liquidity—meaning they help keep the market active—by paying $0.0029 per share for stocks if they meet certain volume goals each month. This change kicks in right away and aims to encourage more trading activity on Nasdaq, benefiting active traders and the market overall.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Per-Share Credit for Liquidity Adders
Nasdaq added a new credit that pays $0.0029 per share executed for stocks priced at or above $1.00. To get the credit for a month, a member must (i) add displayed liquidity in all securities greater than 0.50% of Consolidated Volume during the month and (ii) have combined volume (adding plus removing) of at least 2.50% of Consolidated Volume during the month.
Intended Boost to Market Liquidity
The Exchange says the new $0.0029-per-share credit is intended to incentivize liquidity-adding activity and overall trading activity on Nasdaq, with the goal of improving market quality and benefiting market participants. The rule applies on a monthly basis and uses consolidated monthly volume thresholds (0.50% and 2.50%) to determine eligibility.
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