WASHINGTON, April 3 — The U.S. Securities and Exchange Commission has published a notice of filing and immediate effectiveness of a proposed rule change by Nasdaq to amend its transaction fee schedule, updating and extending a credit tier for non-displayed orders that provide liquidity, according to an SEC notice.
The filing, submitted on March 31, 2026, relates to Nasdaq Equity 7, Section 118, which governs transaction fees and credits for order execution and routing services.
Credit tier update and extension
Nasdaq said it will update the reference month used to qualify for the credit tier from September 2025 to February 2026 and extend the expiration date of the tier from March 2026 to August 2026.
The credit applies to non-displayed orders, other than Supplemental Orders, that provide liquidity on the exchange.
Under the existing structure, the exchange provides a credit of $0.0015 per share executed in Tape A and Tape B securities and $0.0010 per share executed in Tape C securities for members that meet specified volume thresholds.
Qualification criteria
To qualify for the credit tier, a member must provide at least 0.10% of consolidated volume through non-displayed orders, excluding midpoint orders, and increase such activity by at least 30% relative to a specified baseline period.
The proposed update replaces the baseline month with February 2026 while maintaining the existing qualification thresholds.
Effectiveness and timing
The proposed rule change became effective upon filing pursuant to Section 19(b)(3)(A)(ii) of the Securities Exchange Act of 1934, with Nasdaq designating April 1, 2026 as the operative date.
The Commission is publishing the notice to solicit comments from interested persons.
