Home News Equity Trader Alert #2022 – 54 Nasdaq and PSX Pricing Updates Effective June 1, 2022
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Equity Trader Alert #2022 – 54 Nasdaq and PSX Pricing Updates Effective June 1, 2022

by biztrendz

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Pending filing with the SEC, the following pricing changes will be effective Wednesday, June 1, 2022, for Nasdaq.

New Rebate to Add Displayed Liquidity

Add the following new display rebate:

Rebate to add displayed liquidity Per Share Executed Liquidity Code †
Firm adds a minimum ADV of 5 million shares through midpoint and Midpoint Extended Life Orders (that execute against Midpoint Extended Life Orders) Additional $0.00015 A, 7, 8,
a, x or y

Amended Rebates to Add Displayed Liquidity

The current display add credits will be amended as follows:

Rebate to add displayed liquidity Per Share Executed Liquidity Code †
1. Increases average daily volume of Midpoint Extended Life Orders(including midpoint orders that execute against Midpoint Extended Life Orders) by 2 million shares or more versus the firm’s June 2021 Midpoint Extended Life Orders (including midpoint orders that execute against Midpoint; Extended Life Orders) ADV; or
2. Firm adds a minimum average daily volume of 4 million shares through midpoint orders (midpoint add + MELO) and grows midpoint add ADV(midpoint add + MELO) by 150% or more vs June 2021 midpoint add ADV (midpoint add + MELO)
Additional $0.0001
(other than Supplemental Orders or Designated Retail orders)
A, 7, 8,
a, x or y
1. Increases average daily volume of Midpoint Extended Life Orders (including midpoint orders that execute against Midpoint Extended Life Orders) by 1 million shares or more versus the firm’s June 2021 Midpoint Extended Life Orders (including midpoint orders that execute against Midpoint Extended Life Orders) ADV; or
2. Firm adds a minimum average daily volume of 3 million shares through midpoint orders (midpoint add + MELO) and grows midpoint add ADV (midpoint add + MELO) by 100% or more vs June 2021 midpoint add ADV (midpoint add + MELO)
Additional $0.00005
(other than Supplemental Orders or Designated Retail orders)
A, 7, 8,
a, x or y
Firm adds greater than 4 million shares per day, of which 1.5 million share per day are non-displayed liquidity (excluding midpoint orders) or Midpoint Extended Life Orders $0.0020 A, 7, 8,
a, x or y
Greater than 0.10% added $0.0020 A, 7, 8,
a, x or y
1. Firm provides a daily average of at least 250,000 shares of liquidity in Tape A or B securities (combined); or
2. Firm routes a daily average volume of at least 10,000 shares during the month via the QDRK routing strategy in Tape C securities.
$0.0018 A, 7, 8,
a, x or y
All other firms $0.0018 for Tape A & B Securities
$0.0013 for Tape C Securities
A, 7, 8,
a, x or y

Discontinued Rebate to Add Non-Displayed Liquidity

The following non-display add rebates will be removed:

Rebates to Add Non-Displayed Midpoint Liquidity (excluding buy (sell) orders with Midpoint pegging that receive an execution price that is lower (higher) than the midpoint of the NBBO) Per Share Executed Liquidity Code †
1. Firm executes an average daily volume of at least 1 million shares through midpoint and Midpoint Extended Life Orders; and
2. Increases midpoint and Midpoint Extended Life Orders volume by 10% or more versus the firm’s April 2019 midpoint and Midpoint Extended Life Orders volume
$0.0019 in Tape A & B,
$0.0013 in Tape C
k
1. Firm grows midpoint add ADV by 10% or more vs May 2021 midpoint add ADV; and
2. Minimum of 15 million shares of midpoint liquidity added per day
Additional $0.0001 (w/ maximum non-displayed midpoint rebate of $0.0027) k
Rebates to Add Other Non-Displayed Liquidity
Firm (i) provides 0.30% TCV through non-displayed orders and Midpoint Extended Life Orders and (ii) increases non-displayed add liquidity and Midpoint Extended Life Orders volume by 0.10% TCV versus August 2020 non-display add and Midpoint Extended Life Orders TCV $0.00125 in Tape A & B,
$0.0010 in Tape C
J or N

Discontinued Nasdaq Growth Program

The Nasdaq Growth Program will be discontinued.

Pending filing with the SEC, the following pricing changes will be effective Wednesday, June 1, 2022, for PSX.

New Rebate to Add Non-Displayed Liquidity

Add the following new rebate to add liquidity:

Rebates to Add Non-Displayed Liquidity via an order with Midpoint Pegging Per Share Executed Liquidity Code †
Add Non-Displayed Liquidity via an Order with Midpoint Pegging of at least 1million shares ADV $0.0025 k

Amended Rebates to Add Non-Displayed Liquidity

The current non-display add credits will be amended as follows:

Rebates to Add Non-Displayed Liquidity via an Order with Midpoint pegging Per Share Executed Liquidity Code †
All firms $0.0018 k


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