Update on our efforts to Revitalize U.S. Equity Markets
Highlights of Nasdaq’s Proposals
Centralizing liquidity in small company stocks
Give companies the choice to trade on a market without Unlisted Trading Privileges or Regulation NMS obligations to concentrate their limited liquidity on their home exchange.
EXCLUDE SMALL MARKETS FROM ORDER PROTECTION
Eliminate the Order Protection Rule for the smallest markets to allow for innovation outside of the stringent requirements of Regulation NMS.
MODERNIZE MINIMUM QUOTING REQUIREMENTS AND FEE REGIMES
Recognize different liquidity characteristics of small and large company stocks.
REDEFINE PROFESSIONAL & NON-PROFESSIONAL USERS
Charge customers based on actually using the data in a manner consistent with the category than by whether the person works for a bank, brokerage or advisory company.
Reform the SIPs
The SIP monopolies should be reviewed to ensure that they only include data to meet regulatory mandates.