TotalMarkets

Making the Case for Market Structure Reform

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.

Nasdaq TotalMarkets

Highlights from Our Proposal

  • 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.

  • UPDATE ORDER PROTECTION RULE

    Simplify trading for institutional investors by eliminating the Order Protection Rule for the smallest markets.

  • 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.

  • 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.

  • REFORM THE SIPS

    Create more efficiency, choice, and industry participation in the Securities Information Processors through a series of important reforms.

More market choice. More opportunity.

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