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The Nasdaq Stock Market LLC is proposing to change the credits they offer for certain stock transactions. Currently, there's a credit of $0.0030 per share for members providing substantial liquidity, but Nasdaq wants to add a new, slightly lower credit of $0.00295 per share for members meeting less strict volume requirements. This is meant to encourage more trading activity and improve the quality of the market by providing incentives for adding liquidity, especially in securities not listed on Nasdaq or NYSE. The changes are designed to be competitive and fair, with the understanding that participants dissatisfied with the credits can choose to trade elsewhere.

Nasdaq PHLX LLC has proposed a rule change to enhance its anti-internalization features, which help prevent orders from the same firm from unintentionally trading against each other. This includes allowing firms with different trading strategies to prevent their orders from executing against each other by enhancing self-match prevention capabilities. The proposal also introduces a new strategy called "use remover," allowing resting orders to adopt the strategy of incoming orders, and makes various clarifications to existing rules. These changes aim to provide firms with more flexibility and control while ensuring compliance with trading regulations.

The Nasdaq Stock Market LLC has proposed a rule change to amend its transaction credits, affecting the rebates Qualified Market Makers (QMMs) can receive. Previously, QMMs were challenged by an unexpected increase in sub-dollar trading, which affected their ability to qualify for rebates. The new proposal allows Nasdaq to calculate QMM eligibility for rebates both with and without sub-dollar trades, choosing the most favorable option for QMMs. Additionally, Nasdaq proposes to lower the criteria for earning certain transaction credits to encourage more members to add liquidity, aiming to improve market quality.