Co-authored by Christopher T. Shannon

On January 3, the Securities and Exchange Commission published a notice of proposed rule changes submitted by NASDAQ Stock Market LLC. NASDAQ proposes to modify its Investor Support Program (Rule 7014), which enables NASDAQ members to earn a monthly fee credit for providing additional liquidity to NASDAQ and increasing the NASDAQ-traded volume of what are generally considered to be retail and institutional investor orders in exchange-traded securities. Specifically, NASDAQ proposes to make several adjustments to the Investor Support Program in an effort to moderate the ability of its members, on a prospective basis, to gain fee credits without effectively adding targeted liquidity to NASDAQ.

To read the SEC release, click here.