Nasdaq Lowers Trading Fees and Adds New Credits
Published Date: 6/3/2025
Notice
Summary
Nasdaq is shaking up some fees to make trading smoother and cheaper! They’re lowering a key fee from $0.0030 to $0.0025, adding new credits and fees, and getting rid of an old Excess Order Fee. These changes affect traders and brokers right away, helping save money and encouraging smarter trading moves.
Analyzed Economic Effects
6 provisions identified: 3 benefits, 1 costs, 2 mixed.
New $0.0030 Liquidity-Adding Credit
Nasdaq will pay a new credit of $0.0030 per share for displayed quotes (Tapes A, B, and C) that add liquidity, if a member in a month: (1) adds at least 1% of Consolidated Volume in securities priced at or above $1.00 (with at least 0.30% of that being Tape B), and (2) adds at least 0.25% of Consolidated Volume of non-displayed liquidity and M-ELO orders. The credit is in addition to other displayed-liquidity credits and applies to Tapes A, B, and C.
RFTY Fee Reduced to $0.0025, Threshold Raised
Nasdaq is reducing a fee for certain RFTY orders from $0.0030 per share to $0.0025 per share and raising the monthly execution volume threshold used to assess that fee from 4,000,000 shares to 8,000,000 shares. RFTY Orders executed at taker-maker venues remain excluded from the threshold calculation.
New Qualification Rule for $0.0000 RFTY Rate
To qualify for a $0.0000 per-executed-share rate for certain RFTY activity, a member must meet a new monthly requirement of adding a daily average of at least 3,000,000 shares of Designated Retail Orders during the month, and the Exchange raises the execution volume threshold used in related rules from 4,000,000 to 8,000,000 shares and removes the prior March 2022 growth test. RFTY Orders executed at taker-maker venues remain excluded for threshold calculations.
Pre-Market Sub-Dollar Fees and Credit Added
For securities priced less than $1.00 executed in the Pre-Market Session, Nasdaq will apply a new credit of 0.05% of total dollar volume per executed share when a member provides liquidity, a fee of 0.15% of total dollar volume per executed share when a member removes liquidity in the Nasdaq Market Center, and a fee of 0.3% of the total transaction cost when an order routes and executes at an away market. Nasdaq also clarifies that other sub-dollar fees apply to Regular Trading Hours and After-Hours but exclude Pre-Market Hours.
Opening Cross Sub-Dollar Fee (0.25% of Dollar Volume)
Nasdaq will apply the existing per-share Opening Cross fees ($0.0015 and $0.0011) only to securities priced at or above $1.00, and will charge a new fee of 0.25% of total dollar volume for orders executed in the Opening Cross in securities priced less than $1.00. Nasdaq will not impose a monthly cap on this sub-dollar Opening Cross fee.
Excess Order Fee Eliminated
Nasdaq proposes to remove the Excess Order Fee (Section 118(m)), which charged members with an Order Entry Ratio over 100 on a monthly basis, and to delete the related reference in Section 114(d)(1). The Exchange says it is eliminating the fee because it has been infrequently applied.
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