# Federal Register #SR-NASDAQ-2026-086

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

**Buyer:** Securities and Exchange Commission
**Posted:** October 09, 2026
**Respond By:** October 30, 2026
**Identifier:** SR-NASDAQ-2026-086
**NAICS:** 523210

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.

[View original listing](https://www.federalregister.gov/documents/2026/10/09/2026-20711/self-regulatory-organizations-the-nasdaq-stock-market-llc-notice-of-filing-and-immediate)