Nasdaq Pays Extra for Secret Midpoint Trading Tricks Starting October
Published Date: 11/19/2025
Notice
Summary
Nasdaq is updating its rules to give better rewards to special traders called Qualified Market Makers and is adding a new bonus for certain hidden trades that happen at the middle price. These changes start on October 1, 2025, and aim to encourage smarter, faster trading. If you’re a trader or work with Nasdaq, this means new ways to earn credits and save on fees!
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
New Midpoint Credit of $0.0027
Nasdaq will add a new credit of $0.0027 per share executed for non-displayed midpoint orders (across Tapes A, B, and C, with specified exclusions) that is available to a member who adds an average daily volume (ADV) of 20 million or more shares of midpoint liquidity during the month, effective October 1, 2025. Certain midpoint-pegged executions that trade away from the midpoint are excluded.
Higher QMM Per-Share Rebate
If you are a Qualified Market Maker (QMM) that qualifies for the QMM Tier 2 rebate, Nasdaq will increase the additional rebate to $0.0001 per share executed across Tape A, B, and C starting October 1, 2025. The revised rebate is only available to QMM MPIDs that meet the new qualification criteria described by the Exchange.
Exchange Says Market Quality May Improve
Nasdaq states that by offering the modified QMM rebate and the new midpoint credit it hopes to incentivize more displayed and midpoint liquidity, which the Exchange says stands to improve overall market quality and benefit all market participants. The Exchange describes these rebates and credits as voluntary and uniformly available to members that meet the specified criteria.
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