2026-06733NoticeWallet

Nasdaq Extends Discounts for Hidden Trading Orders

Published Date: 4/8/2026

Notice

Summary

Starting April 1, 2026, Nasdaq is updating and extending a special discount for certain hidden orders that help keep the market liquid. This change affects traders who use non-displayed orders (except Supplemental Orders) by giving them better fee credits, encouraging more trading activity. The update kicks in immediately and aims to make trading smoother and more cost-effective for these market participants.

Analyzed Economic Effects

3 provisions identified: 2 benefits, 0 costs, 1 mixed.

Per-Share Credit and Eligibility Tier

Nasdaq’s Credit Tier pays $0.0015 per share executed in Tape A or Tape B and $0.0010 per share executed in Tape C for non-displayed orders (other than Supplemental and midpoint orders) that provide liquidity in securities priced $1 or more. To qualify, a member must (i) provide 0.10% or more of Consolidated Volume through such non-displayed orders and (ii) increase that non-displayed liquidity by 30% or more relative to the member’s reference-month consolidated volume.

Reference Month for Qualification Updated

The rule changes the reference month used to measure the 30% increase requirement from September 2025 to February 2026. This new baseline month is used to determine whether a member has increased its non-displayed liquidity by 30% or more to qualify for the Credit Tier.

Credit Tier Extended Through August 2026

Nasdaq is extending the Credit Tier’s expiration date from the end of March 2026 to August 2026, so the tier remains available for an additional five months. The Exchange filed the change to be effective upon filing and designated it operative on April 1, 2026.

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Key Dates

Effective Date
Published Date
4/1/2026
4/8/2026

Department and Agencies

Department
Independent Agency
Agency
Securities and Exchange Commission
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