In 2017, we launched our plan to reform and revitalize the U.S. equity markets to better serve American investors and companies of all sizes. Since then, we worked to make those proposals a reality — advocating in Washington, D.C. and throughout the financial community.
TotalMarkets expands our agenda to a serious and balanced debate focused on the market structure that supports the trading of public companies.
Tomorrow’s markets, if governed with properly calibrated regulation, should embrace rapid technological advancement for the betterment of all market participants and continue to unleash the dynamic, entrepreneurial spirit that drives the U.S. economy.
Nasdaq TotalMarkets
Highlights from Our Proposal
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CENTRALIZE LIQUIDITY IN SMALL STOCKS
Centralize liquidity in small company stocks by giving companies the choice to trade on a market without Unlisted Trading Privileges or Regulation NMS obligations.
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UPDATE ORDER PROTECTION RULE
Simplify trading for institutional investors by eliminating the Order Protection Rule for the smallest markets.
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MODERNIZE QUOTING REQUIREMENTS
Modernize the minimum quoting requirements and fee regimes for the markets to better recognize different liquidity characteristics of small and large company stocks.
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REDEFINE PRO & NON-PRO USERS
Change the definition of “professional” and “non-professional” users in market data agreements to be more modern and flexible for retail brokers.
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REFORM THE SIPS
Create more efficiency, choice, and industry participation in the Securities Information Processors through a series of important reforms.
Our proposal is the result of months of discussions with industry participants, including a concentrated effort to engage with institutional investors and retail brokers. Our recommendations focus on creating more market choice and opportunity across key areas.
Areas of Focus
Smaller publicly traded companies
Bolster liquidity for smaller publicly traded companies
Institutional investors
Enhance effectiveness for institutional investors
Retail and long-term investors
Modernize data regulations to better serve individual, long-term investors


Access fee pilot impacts almost 10 times more liquidity than the tick pilot.
Nasdaq Chief Economist Access More Market Reform Insights