Nasdaq Enhances Programs to Boost Market Liquidity and Stability
Published Date: 12/23/2025
Notice
Summary
Nasdaq is upgrading its Designated Liquidity Provider program and launching a brand-new Market Quality Supporter program to boost trading quality and market stability. These changes affect market makers and traders by encouraging better liquidity and smoother trades, starting immediately with potential financial incentives. Everyone who trades on Nasdaq should watch for these improvements to enjoy a faster, fairer market experience.
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
New MQS program pays $175/month
Nasdaq is creating a Market Quality Supporter (MQS) program that allows up to three MQSs per Low Volume ETP; MQSs do not have to be registered market makers. MQSs that meet the MQS market quality metrics for their Investment Strategy group will receive a $175 per month stipend for each assigned ETP; MQSs are automatically eligible for the stipend for December 2025 or the first month after a new allocation or launch, and must meet the MQMs thereafter.
Nasdaq DLP incentives restructured
If you act as a Designated Liquidity Provider (DLP) on Nasdaq, Nasdaq will now limit each Qualified Security to one DLP and replace the prior Primary/Secondary and standard/enhanced rebate structure with a single set of market quality metrics (MQMs). Rebate/stipend levels are specified by tier: Tier 1 (ADV >1,000,000) remains $0.0034 per executed share; Tier 2 (ADV 250,001–1,000,000) remains $0.0040 per executed share; Tier 3 (ADV 150,001–250,000) is a $350/month stipend; Tier 4 (ADV 50,001–150,000) is $450/month; Tier 5 (ADV <50,001) is $500/month. DLPs must meet 5 of 7 MQMs (including auction spread metrics) as measured by Nasdaq; DLPs are automatically eligible for the relevant rebate/stipend for December 2025 or for the first month of a new allocation or a new launch.
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