[13996]
October 1, 2001
TO: EQUITY MARKETS ADVISORY COMMITTEE No. 33-01
RE: NASDAQ ANNOUNCES NEW PRICING STRUCTURE
On September 28, the Nasdaq Stock Market announced that it has filed for immediate
effectiveness with the SEC, pricing changes for quoting and trading using Nasdaq execution
services. According to the Nasdaq Head Trader Alert announcing the pricing changes (a copy
of which is attached), the new pricing plan addresses the market structure created by
SuperSoes.
The new pricing plan will be implemented in two phases. Phase I of the pricing plan
will be effective on October 1, 2001 and, most significantly, includes a move from per-order
charges to per-share charges. Phase II of the pricing plan, which Nasdaq expects to be phased
in during the fourth quarter of 2001, includes a rebate for liquidity providers, market data
revenue sharing, a quote update fee, and other pricing changes for using SuperSoes and
SelectNet.
Ari Burstein
Associate Counsel
Attachment
Attachment (in .pdf format)