Friendly fire? Nasdaq squeezes MTF competitors with steep fee increase
The stock exchange almost tripled the prices of some datasets for multilateral trading facilities, with sources saying the move is the latest effort by exchanges to offset declining trading revenues.
In September, Nasdaq published its new annual market data price list, which took effect this January with significant increases in non-display prices for multilateral trading facilities (MTFs), systematic internalization systems (SIs), and dark pools. Non-display data fees for MTFs increased by 191%, from €33,000 ($38,000) annually to €96,000 ($110,000) in 2025, while dark pools and crossing network fees doubled to €66,000 ($76,000) per year.
David Stevens, CEO of Aquis Exchange, a London-based
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