NASDAQ Proposes Rule Changes Relating to Fee Credits

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On January 3, the Securities and Exchange Commission published a notice of proposed rule changes submitted by NASDAQ Stock Market LLC. NASDAQ proposes to modify its Investor Support Program (Rule 7014), which enables NASDAQ members to earn a monthly fee credit for providing additional liquidity to NASDAQ and increasing the NASDAQ-traded volume of what are generally considered to be retail and institutional investor orders in exchange-traded securities. Specifically, NASDAQ proposes to make several adjustments to the Investor Support Program in an effort to moderate the ability of its members, on a prospective basis, to gain fee credits without effectively adding targeted liquidity to NASDAQ.

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