Nasdaq Bonuses Traders for Sneaky Liquidity-Boosting Orders
Published Date: 12/10/2025
Notice
Summary
Starting December 1, 2025, Nasdaq is giving a new bonus (credit) to traders who use hidden orders that add liquidity to the market. This change affects anyone placing non-displayed orders (except Supplemental Orders) and aims to encourage more trading activity by rewarding these quiet but helpful orders. The update kicks in right away and could save money for savvy traders who keep the market flowing smoothly.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
New per-share credit for hidden orders
Nasdaq will pay a new credit for non-displayed orders that provide liquidity: $0.0015 per share executed in Tape A or Tape B, and $0.0010 per share executed in Tape C. The credit applies to trading through Nasdaq Market Center for securities priced at $1 or more.
Who qualifies for the new credit
To get the new credit, a member must (i) provide 0.10% or more of Consolidated Volume (TCV) through non-displayed orders and (ii) increase non-displayed liquidity provided by 30% or more relative to the member's September 2025 TCV provided through non-displayed orders. The rule language excludes certain order types when measuring eligibility (the filing references non-displayed orders other than midpoint orders).
Temporary, time-limited incentive
The new credit tier is designated to be operative on December 1, 2025 and, unless extended, will expire no later than the end of March 2026 (a roughly four-month operative window). Members can earn the credit only during this period unless Nasdaq extends it.
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