Federal Register #SR-NASDAQ-2026-086

Nasdaq proposal for a credit tier on qualifying non-displayed liquidity

The SEC notice concerns a proposed Nasdaq liquidity-credit tier, not a government purchase. - Government agency: Securities and Exchange Commission (SEC). - Filing entity: The Nasdaq Stock Market LLC. - Proposed credit terms: - $0.0015 per share executed in Tape A or Tape B. - $0.0010 per share executed in Tape C. - Eligibility would require a 5% increase in qualifying non-displayed liquidity compared with the reference-month baseline; Supplemental Orders and midpoint orders are excluded. - No products, services, quantities, or part numbers are requested.

Description

The Nasdaq Stock Market LLC proposes to amend its transaction fees in Nasdaq Equity 7, Section 118, by establishing a credit tier for non-displayed orders, other than Supplemental Orders, that provide liquidity. The proposed credits are $0.0015 per share executed in Tape A or Tape B and $0.0010 per share executed in Tape C. Eligibility criteria include a new August 2026 reference month and a 5% increase in qualifying non-displayed liquidity compared with that baseline; the tier is set to expire in February 2027. The proposed changes became effective upon filing and were designated to be operative October 1, 2026.

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