Search Results for keywords:"rebates"

The Securities and Exchange Commission has announced that the Cboe EDGA Exchange, Inc. has proposed a new rule regarding billing errors and fee disputes. Under this rule, all fees and rebates will be considered final after three calendar months. This change is designed to encourage members to review their billing statements promptly, ensuring that any errors are addressed quickly and reducing the administrative burden on the Exchange. The SEC is seeking comments from the public on this proposed change.

The Long-Term Stock Exchange, Inc. (LTSE) submitted a proposed rule change to the Securities and Exchange Commission (SEC) to amend its fee schedule. This change aims to modify the rebates for transactions involving securities priced at $1.00 or more per share that add liquidity to the exchange. The proposal was filed on February 28, 2025, and LTSE intends for the amendments to take effect immediately as of March 3, 2025. The SEC is seeking comments from the public regarding this change and has provided instructions for submitting feedback.

MIAX PEARL, an options exchange, has submitted a proposal to the Securities and Exchange Commission to amend its fee schedule, aiming to attract more trading activity by adjusting thresholds for rebates and fees for market makers. It plans to increase the volume threshold for Tier 2 from 0.45% to 0.75% of national monthly volume in specific options and introduce a new tiered incentive (Tier 3) based on trading activity in SPY options. The revisions are designed to enhance market liquidity and competitiveness by encouraging market makers to bring more orders to the exchange. These changes became effective on January 4, 2021, and aim to benefit all market participants through better liquidity and tighter markets.

Nasdaq BX, Inc. has filed a proposed rule change with the Securities and Exchange Commission to amend its pricing schedule related to rebates for contract executions that trigger an order exposure alert. This rule change was filed on February 3, 2025, and has been designated for immediate effectiveness. The Commission is seeking comments from the public on whether this proposed rule change aligns with the Securities Exchange Act of 1934. Comments can be submitted electronically on the SEC's website or by mail, and should reference the file number SR-BX-2025-007.

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.

Cboe EDGX Exchange, Inc. proposed a rule change to modify its fee schedule related to its equities trading platform. The changes focus on updating the Add/Remove Volume Tiers and introducing a new Non-Displayed Step-Up Tier to provide enhanced rebates to members based on certain trading volume criteria. These changes are intended to encourage more order flow to the exchange, improve market liquidity, and provide better pricing options for participants. The proposed amendments aim to foster a more competitive trading environment, benefiting all market participants.

Cboe EDGA Exchange, Inc. is updating its Fee Schedule by launching a program called the NBBO Setter Program under the new fee code SS. This program aims to improve trading conditions for less frequently traded securities by offering rebates to participants who lead in setting competitive prices. It allows members to potentially earn higher rebates without any volume requirements, thereby encouraging more liquidity and trading activity. The program is designed to benefit the market by making it more competitive and transparent, and is open to all participants on the exchange.

The Cboe BZX Exchange, Inc. has proposed changes to its fee schedule, which will be effective from November 1, 2024. The proposed changes involve updating criteria for specific volume tiers, such as Add Volume Tier 3 and Add Volume Tier 5, and adjusting or removing certain fee codes. These updates aim to incentivize members to increase their order flow by offering enhanced rebates for reaching adjusted trading volume thresholds. The Securities and Exchange Commission is seeking public comments on these proposed changes.

Cboe BZX Exchange, Inc. has filed a proposed rule change with the Securities and Exchange Commission (SEC) to amend its fee schedule for its equity options platform, known as BZX Options. The Exchange aims to adjust its Market Maker Penny Add Volume Tiers, which offer varying rebates to incentivize members based on their trading activity. The proposal introduces a new tier designed to encourage increased participation from Lead Market Makers by offering enhanced rebates for meeting specific trading volume criteria. This strategy is part of Cboe BZX's efforts to remain competitive in a market where participants have numerous alternatives for directing their trading orders.

The Securities and Exchange Commission announced that MIAX PEARL, LLC submitted a new rule change on February 13, 2025. This change involves adjustments to the fee schedule for their equities trading platform, MIAX Pearl Equities. The modifications include new fees and rebates for trades during early and late trading sessions, altering some rebate programs, and revising fees for trades routed to other exchanges. The SEC is inviting the public to comment on this proposal by March 18, 2025.