Nasdaq adopts $50,000 Premier Listing Fee and Quality Liquidity Provider program

On August 18, 2026, The Nasdaq Stock Market LLC filed a proposed rule change with the SEC that becomes effective upon filing, with the amendments designated operative on September 1, 2026. The filing, identified as Release No. 34-106213; File No. SR-NASDAQ-2026-068, amends Rule 5940 and adds a Quality Liquidity Provider (QLP) program in Equity 7, Section 114(h).

The amendment introduces a Premier Annual Listing Fee of $50,000 per product as an alternative to the existing Standard Annual Listing Fee of $4,000. Issuers opting for the premier fee gain eligibility for the QLP program, while the standard fee remains unchanged for other products. The Exchange also renames the former "All-Inclusive Annual Listing Fee" as the "Standard Annual Listing Fee."

A QLP is defined as a registered Nasdaq market maker for a Qualified Security that commits to minimum performance standards. Selection criteria include market-making experience in exchange-traded products, capital adequacy, operational capacity, and compliance history. The filing specifies that there may only be one QLP per Qualified Security.

The rule permits issuers to switch between fee tiers mid-year. Moving from Premier to Standard incurs no additional fee and no credit for the premium paid. Switching from Standard to Premier results in a prorated premier fee for the remaining months and a credit for the unused portion of the standard fee. The filing illustrates a switch on October 21, 2025, where a prorated premier fee of $12,500 and a $1,000 credit produce a balance due of $11,500.

Additional amendments replace references to the "All-Inclusive Annual Listing Fee" with "Standard or Premier Annual Listing Fee" in several paragraphs of Rule 5940 and retain the premier fee for the year a product first lists on Nasdaq and for its first full calendar year.