Nasdaq Bonuses Traders for Sneaky Liquidity-Boosting Orders
Published Date: 12/10/2025
Notice
Summary
Starting December 1, 2025, Nasdaq is giving a new bonus (credit) to traders who use hidden orders that add liquidity to the market. This change affects anyone placing non-displayed orders (except Supplemental Orders) and aims to encourage more trading activity by rewarding these quiet but helpful orders. The update kicks in right away and could save money for savvy traders who keep the market flowing smoothly.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
New per-share credit for hidden orders
Nasdaq will pay a new credit for non-displayed orders that provide liquidity: $0.0015 per share executed in Tape A or Tape B, and $0.0010 per share executed in Tape C. The credit applies to trading through Nasdaq Market Center for securities priced at $1 or more.
Who qualifies for the new credit
To get the new credit, a member must (i) provide 0.10% or more of Consolidated Volume (TCV) through non-displayed orders and (ii) increase non-displayed liquidity provided by 30% or more relative to the member's September 2025 TCV provided through non-displayed orders. The rule language excludes certain order types when measuring eligibility (the filing references non-displayed orders other than midpoint orders).
Temporary, time-limited incentive
The new credit tier is designated to be operative on December 1, 2025 and, unless extended, will expire no later than the end of March 2026 (a roughly four-month operative window). Members can earn the credit only during this period unless Nasdaq extends it.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-13638 — Goehring & Rozencwajg Investment Funds and Goehring & Rozencwajg Associates, LLC
Goehring & Rozencwajg want to offer a new kind of investment fund that mixes exchange-traded shares (like ETFs) with regular mutual fund shares all in one fund. This change could make investing more flexible and easier for their customers. If no one asks for a hearing by July 27, 2026, the SEC will likely approve this new setup soon.
2026-13648 — Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Except Accounts Pursuant to Section 530A of the Internal Revenue Code From the Requirements of FINRA Rule 3210 (Accounts At Other Broker-Dealers and Financial Institutions)
FINRA is updating its rules to exclude certain accounts protected under a new tax law (Section 530A) from extra paperwork and approval steps. This change helps financial pros handle these special accounts more easily, starting right away with no extra costs. If you work with broker-dealers or financial institutions, this means smoother account management from now on!
Previous / Next Documents
Previous: 2025-22402 — Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Rule 6.6800 Series
NYSE National is updating its rules to match new reporting requirements about special short sales called bona fide market making exceptions. This change affects broker-dealers who must now report if an order to sell is a short sale with this special exception. The update is effective immediately and helps keep trading data clear and accurate without adding extra costs.
Next: 2025-22404 — Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rule 15b11-1/Form BD-N
The SEC is asking for comments on keeping a rule that lets certain futures brokers register easily by filing a simple form called BD-N. This mostly affects a small group of brokers who trade futures, not regular securities, and the paperwork takes less than 3 hours a year, costing about $866. No big changes or new fees are planned, just an extension of the current process.