The Nasdaq Stock Market, exchange group Nasdaq OMX’s main US equities bourse, plans to introduce a fee for removing liquidity using its Mid Point Peg order type from 1 March and hike the routing fee for certain order types.
Under the new fee schedule, members will be charged the exchange’s standard remove rates when using Mid Point Peg for all volume tiers. Under the existing schedule, firms that add more than 95 million shares a day to Nasdaq Stock Market can remove liquidity using Mid Point Peg free of charge.
Nasdaq Stock Market currently charges a remove rate of $0.0030 a share for all tape B trades and tape A and C trades for firms that add less than 35 million shares a day. For firms that add more than 35 million shares or add, remove and route more than 145 million shares a day in tape A and C, the remove rate is $0.0028 a share.
The bourse will also increase the routing rate to $0.0030 a share for its STGY, CAN, SKIP, SKNY and DOT routing strategies from $0.0029. The new pricing excludes shares that are routed to and execute on the New York Stock Exchange (NYSE).
Tape A refers to stocks listed on NYSE, tape B to stocks listed on the American Stock Exchange and tape C to Nasdaq-listed shares.