Nasdaq has announced pricing updates that will take effect on October 1, 2025. These changes include the introduction of a new rebate for adding non-displayed midpoint liquidity. Specifically, firms that add an average daily volume (ADV) of 20 million or more shares of midpoint liquidity will receive a rebate of $0.0027 per share executed.

Additionally, Nasdaq's Qualified Market Makers (QMM) program rewards market makers who actively quote at the National Best Bid or Offer (NBBO). To qualify as a QMM, members must maintain quotes in at least 1,000 securities for at least 25% of market hours each month. The program offers tiered rebates based on liquidity added, with different incentives for securities listed on various exchanges.

For example, QMMs can earn rebates ranging from $0.0001 to $0.0002 per share executed depending on their performance in adding liquidity across different tapes—Tape A, Tape B, and Tape C—during the month. Furthermore, QMMs meeting certain criteria may benefit from discounted remove fees when executing shares.

These pricing changes aim to enhance liquidity provision within the Nasdaq Stock Market and incentivize active participation from market makers. For further details or inquiries regarding these updates, contact information for U.S. Market Operations and Sales is provided in the announcement.

Original article

The article provides some actionable information regarding Nasdaq's pricing updates, specifically the introduction of a new rebate for adding non-displayed midpoint liquidity and details about the Qualified Market Makers (QMM) program. However, it does not offer clear steps or guidance that a normal person can act upon immediately. The information is primarily relevant to firms and market makers rather than individual investors or the general public.

In terms of educational depth, while the article presents facts about rebates and market maker qualifications, it lacks deeper explanations about how these changes impact market dynamics or why they are being implemented. It does not provide context on how these rebates compare to previous structures or their potential effects on trading behavior.

Regarding personal relevance, the topic may matter to professional traders or firms involved in trading on Nasdaq but has limited significance for everyday individuals. Most readers are unlikely to be directly affected by these changes unless they are actively engaged in trading activities.

The article does not serve a public service function as it mainly relays news without offering practical advice, safety tips, or emergency contacts that would benefit a broader audience. It simply informs about upcoming changes without providing tools for understanding their implications.

When evaluating the practicality of advice given, there is little actionable guidance for normal people. The content is geared towards professionals in finance rather than providing clear steps that anyone could realistically follow.

In terms of long-term impact, while these pricing updates may influence market behavior over time, they do not provide immediate benefits or strategies for individuals looking to secure lasting positive outcomes in their financial lives.

Emotionally and psychologically, the article does not evoke strong feelings nor does it empower readers with hope or readiness; instead, it presents dry information that may leave many feeling disconnected from its relevance.

Lastly, there are no indications of clickbait language; however, the lack of engaging content might lead readers to overlook its importance altogether.

Overall, while the article contains specific details relevant to certain professionals within finance and trading sectors, it fails to deliver real help or learning opportunities for most readers. To gain better insights into these changes and their implications on personal investing strategies or market dynamics generally affecting them as consumers or investors, individuals could look up resources from trusted financial news outlets like Bloomberg or CNBC. They might also consider consulting with financial advisors who can explain how such updates might indirectly affect broader economic conditions impacting their investments.

The pricing updates announced by Nasdaq, particularly the introduction of rebates for adding non-displayed midpoint liquidity and the tiered incentives for Qualified Market Makers (QMM), reflect a system that prioritizes financial transactions over the foundational elements of community and kinship. While these changes may enhance market efficiency, they risk undermining the very fabric of local relationships that are essential for family survival and cohesion.

Firstly, the focus on high-volume trading and liquidity provision can create an environment where individual firms prioritize profit over their responsibilities to families and communities. The emphasis on average daily volume as a metric for rebates may encourage firms to engage in practices that prioritize short-term gains rather than long-term stability within their communities. This transactional mindset can erode trust among neighbors, as economic motivations overshadow personal relationships. When financial incentives drive behavior, individuals may neglect their duties to care for children and elders, leading to weakened familial bonds.

Moreover, the structure of the QMM program rewards active participation at a national level but does not inherently promote local engagement or responsibility. By incentivizing market makers based on performance across various tapes rather than fostering connections within local markets, there is a risk of displacing traditional roles that families play in nurturing future generations. The reliance on distant economic mechanisms can shift family responsibilities onto impersonal entities instead of encouraging direct accountability among kin.

As these practices proliferate unchecked, they threaten to fracture community cohesion by promoting dependency on external financial systems rather than fostering self-sufficiency within families. This could lead to diminished birth rates as young people become increasingly disengaged from traditional family structures that support procreation and child-rearing. If individuals prioritize economic gain over familial duties, we may witness a decline in commitment to raising children and caring for elders—both vital components for sustaining future generations.

Furthermore, if trust is eroded through these market-driven behaviors, conflict resolution becomes more challenging within communities. Without strong kinship bonds grounded in mutual responsibility and care for one another’s well-being, disputes may escalate without peaceful resolution mechanisms rooted in shared values.

In essence, while Nasdaq's pricing updates aim at enhancing market liquidity from an economic standpoint, they risk undermining essential social structures necessary for community survival—structures built upon trust, responsibility towards vulnerable members like children and elders, and stewardship of resources. If such ideas take hold without critical examination or balance with local values of duty towards one another’s welfare, we will see families weakened; children yet unborn will face uncertain futures; community trust will diminish; and stewardship of land will falter under impersonal economic pressures.

To counteract this trend toward fragmentation driven by financial incentives alone requires a renewed commitment to personal responsibility within families—where each member actively participates in nurturing relationships with one another while safeguarding communal resources. Only through conscious actions rooted in ancestral duty can we ensure the continuity of our people and protect those who rely on us most: our children and elders.

The text uses the phrase "enhance liquidity provision" which sounds positive but is vague. It does not explain how these changes will actually help regular investors or smaller firms. This wording may lead readers to believe that these updates are beneficial for everyone when they might primarily benefit larger firms or market makers. The language here could mislead people into thinking the changes are universally good.

The term "Qualified Market Makers (QMM)" suggests a prestigious status, which can create a sense of trust in the program. However, it does not clarify who qualifies and what criteria must be met, potentially hiding barriers that could exclude smaller participants. This choice of words may make it seem like an inclusive program when it might favor larger entities with more resources.

The announcement mentions "tiered rebates based on liquidity added," which implies fairness and reward for performance. However, it does not specify how these tiers are structured or who benefits most from them, leaving out important details about potential inequalities in access to these rebates. This omission can create a misleading impression that all market makers have equal opportunities to benefit.

The phrase "discounted remove fees" is used without explaining what those fees entail or who pays them. This could lead readers to assume that lower costs are always beneficial without understanding the full context of trading costs involved for different participants. By using this language, the text may obscure potential negative impacts on less powerful traders.

When discussing "incentivize active participation," the text implies that increased activity is inherently good without addressing possible downsides like increased volatility or risks for investors. This framing suggests that more trading is better for everyone while ignoring concerns about market stability and investor protection. The wording here promotes a one-sided view of market activity as positive without acknowledging its complexities.

Lastly, phrases like "contact information for U.S. Market Operations and Sales" give an impression of transparency and accessibility but do not provide direct access to information within the text itself. Readers might feel encouraged to reach out but lack immediate clarity on how their inquiries will be addressed or if their concerns will be taken seriously by those in power. This can create an illusion of openness while still maintaining a barrier between average investors and decision-makers.

The text conveys a sense of excitement and anticipation regarding Nasdaq's upcoming pricing updates, which are set to take effect on October 1, 2025. This emotion is evident in phrases such as "announced pricing updates" and "introduction of a new rebate," suggesting positive change and innovation within the market. The strength of this excitement is moderate; it serves to engage readers by highlighting potential benefits for firms that add midpoint liquidity. This emotional tone encourages readers to feel optimistic about the changes, fostering an environment where they may be more inclined to participate actively in the market.

Additionally, there is an underlying sense of pride associated with the Qualified Market Makers (QMM) program. The description of QMMs maintaining quotes in at least 1,000 securities reflects a commitment to excellence and active participation within the market. Words like "rewards" and "incentives" contribute to this feeling of pride, suggesting that Nasdaq values its members' contributions. The strength of this emotion is also moderate but serves a crucial purpose: it builds trust between Nasdaq and its members by recognizing their efforts and encouraging further engagement.

The text also subtly evokes feelings of urgency through phrases like “actively quote” and “maintain quotes for at least 25% of market hours.” This urgency can prompt readers to act quickly in order to qualify for rebates or benefits under the new program. By emphasizing performance metrics for QMMs, the message creates a competitive atmosphere that motivates firms to enhance their trading activities.

These emotions guide reader reactions by fostering optimism about future opportunities while simultaneously instilling a sense of responsibility among market participants. The combination encourages sympathy towards those who may struggle with meeting these requirements while inspiring action from those who see potential rewards.

The writer employs specific emotional language throughout the announcement, using terms like “enhance liquidity provision” and “incentivize active participation,” which sound more engaging than neutral alternatives would. Such choices create an emotional resonance that emphasizes growth and collaboration rather than mere compliance with regulations. By framing these updates positively—highlighting rewards rather than penalties—the text effectively steers attention toward beneficial outcomes rather than potential drawbacks.

Overall, these emotional elements work together not only to inform but also persuade readers about the advantages inherent in participating under these new guidelines. The strategic use of excitement, pride, urgency, and trust helps shape perceptions around Nasdaq’s initiatives while encouraging proactive engagement from its members in anticipation of positive changes ahead.