Nasdaq Pays Extra Penny for Showy Stock Quotes
Published Date: 9/29/2025
Notice
Summary
Nasdaq is rolling out a new bonus to reward traders who show their buy or sell orders openly on the market. Starting right away, members get an extra 0.01 cents per share for displayed quotes on all major stock tapes (A, B, and C). This change encourages more visible trading and could boost earnings for active Nasdaq members.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
New $0.0001 Credit for Displayed Orders
Nasdaq is offering a supplemental credit of $0.0001 per share executed for displayed quotes/orders to Tapes A, B, and C. The credit is available only to members that (1) increase their volume of liquidity added in all securities by at least 20% (as a percentage of Consolidated Volume) relative to their liquidity in July 2025, and (2) have Limit On Close orders entered between 3:55 p.m. ET and immediately prior to 3:58 p.m. ET that represent more than 0.10% of Consolidated Volume during the month. For the September 2025 billing cycle the credit applies from September 5, 2025 through September 30, 2025, and, unless extended, will expire no later than January 2026; it is in addition to other displayed-liquidity credits and does not apply to Supplemental Orders or Designated Retail Orders.
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