# 2025-08548: Nasdaq Dangles Credits for Super-Active Traders

2025-08548, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule To Provide for Two New Credits for Members That Add More Than a Threshold Amount of Liquidity as Well as Act as Designated Liquidity Providers for Exchange Traded Products for a Threshold Number of Securities During a Month, is a Federal Register notice from Securities and Exchange Commission published 2025-05-15, effective 2025-05-01; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-08548
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-08548
- Title: Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Fee Schedule To Provide for Two New Credits for Members That Add More Than a Threshold Amount of Liquidity as Well as Act as Designated Liquidity Providers for Exchange Traded Products for a Threshold Number of Securities During a Month
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 20696
- Published: 2025-05-15
- Effective: 2025-05-01
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Nasdaq Dangles Credits for Super-Active Traders

## 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.

## Effects PRIA read

- New per-share rebates for DLPs: benefit, medium. 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…
- Which orders qualify for the credits: cost, low. 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: benefit, low. 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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## Sources
- [2025-08548 on federalregister.gov](https://www.federalregister.gov/documents/2025/05/15/2025-08548/self-regulatory-organizations-the-nasdaq-stock-market-llc-notice-of-filing-and-immediate)
- [2025-08548 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-05-15/pdf/2025-08548.pdf)

## Related
- [Previous: 2025-08547, Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing of Proposed R…](https://policyrisk.com/federal-register/2025-08547)
- [Next: 2025-08549, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Designation of a…](https://policyrisk.com/federal-register/2025-08549)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-08548 (as of 2026-06-08).