Nasdaq Changes Revenue Sharing, Regulatory Fees

EXCHANGE WATCH

Nasdaq is changing the way it shares tape revenue with participants trading Nasdaq-listed securities, effective June 3. Tape revenue was earned from participants posting Nasdaq trade data. But now, Nasdaq will draw revenue from quote updates as well.

The move also appears to be an effort by Nasdaq to justify the costs of trades and lure back ECNs that have migrated to other exchanges because of the costs of trading on Nasdaq, although it seems to be having the opposite effect.

Instead of shar

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