Federal Register #SR-NASDAQ-2026-024

SEC Notice: Nasdaq Proposed Rule Change on Transaction Fees and Credit Tier for Non-Displayed Orders

This notice from the Securities and Exchange Commission (SEC) announces a proposed rule change by The Nasdaq Stock Market LLC regarding transaction fees and credit tiers for non-displayed orders: - Government Buyer: - Securities and Exchange Commission (SEC) is the regulatory authority overseeing the process - OEMs and Vendors: - No OEMs or commercial vendors are named, as this is a regulatory action - Products/Services Requested: - No products or services are being procured; the notice concerns a regulatory amendment - Key Details: - The Nasdaq Stock Market LLC proposes to amend its transaction fees at Equity 7, Section 118 - The amendment updates the reference month for qualifying volume and extends the expiration date for a tier of credit for non-displayed orders (excluding supplemental orders) that provide liquidity - The goal is to incentivize exchange members to increase non-displayed liquidity activity - The SEC invites public comments on the proposed rule change - Unique Requirements: - The change specifically targets non-displayed orders that provide liquidity, excluding supplemental orders - The amendment is intended to enhance market liquidity through fee structure adjustments - Place of Performance/Regulatory Oversight: - SEC headquarters in Washington, DC - The Nasdaq Stock Market LLC principal office

Description

The Nasdaq Stock Market LLC has proposed a rule change to amend its transaction fees schedule, specifically updating and extending a tier of credit for non-displayed orders (excluding supplemental orders) that provide liquidity. The amendment updates the reference month for qualifying volume and extends the expiration date of the credit tier to incentivize increased liquidity provision on the exchange. This change aims to improve overall market quality by encouraging members to increase non-displayed liquidity activity.

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