Nasdaq Boosts NYSE-Stock Rebate
Traders Magazine, January, 2008 by Nina Mehta
Two months after an aggressive pricing move by NYSE Arca in New York Stock Exchange-listed securities, Nasdaq goosed its rebate for Tape A securities.
In October, NYSE Arca increased its liquidity-provider rebate for NYSE-listed names to 25 cents per 100 shares, from 20 cents. That put its maker-taker pricing at 25/30, leaving it with a nickel spread, half of what it had been. The move came in a bid to chase Nasdaq, which has had great success in capturing NYSE-listed flow.
Nasdaq has now counterattacked. Starting this month, it will give its highest-tier customers a higher rebate for Tape A transactions. "The rebate is a key component in moving liquidity from one venue to another," said Brian Hyndman, senior vice president for transaction services at Nasdaq....
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