Federal Register #SR-NASDAQ-2026-068

Nasdaq Rule Change: New Premier Listing Fee and Quality Liquidity Provider Program for ETPs

This opportunity centers on a proposed rule change by The Nasdaq Stock Market LLC, published by the Securities and Exchange Commission (SEC), to amend listing fees and introduce a new liquidity program for exchange-traded products (ETPs). - Government Buyer: - Securities and Exchange Commission (SEC) - Nasdaq Stock Market LLC - OEMs and Vendors: - No specific OEMs or commercial vendors are mentioned; this is a regulatory action affecting ETP issuers and registered Nasdaq market makers. - Products/Services Requested: - Premier Annual Listing Fee: $50,000 per ETP, as an alternative to the current $4,000 standard fee - Quality Liquidity Provider (QLP) Program: Incentive program for registered Nasdaq market makers to provide liquidity in low-volume ETPs - Includes monthly stipends and transaction-based rebates - Performance standards and market quality metrics required - Unique/Notable Requirements: - Issuers may switch between fee tiers midyear with prorated adjustments - QLP program includes objective performance standards, market quality metrics, and monthly assessments - Structural safeguards and compliance with financial regulations (e.g., FINRA Rule 5250, Regulation M) - Disclosure requirements for program participation - No procurement of physical products or traditional services; this is a regulatory notice impacting financial market participants.

Description

The Nasdaq Stock Market LLC has filed a proposed rule change to amend its listing fees for exchange-traded products (ETPs) and to introduce a new Quality Liquidity Provider (QLP) program. The proposal includes a new Premier Annual Listing Fee of $50,000 as an alternative to the current $4,000 standard fee, aiming to provide issuers with more flexibility. The QLP program is designed to incentivize market makers to provide liquidity in lower volume ETPs, enhancing market quality and investor protection. The changes are effective upon filing and operative from September 1, 2026.

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