On Friday, we wrote how we thought two new NASDAQ enhanced rebate programs were possibly responsible for the spike in quote traffic on November 1st (see Nanex chart above). According to Advanced Trading , NASDAQ has responded to our theory and have claimed they did nothing wrong:
Nasdaq rebuts these charges.”QMM is specifically designed for market makers to enhance price discovery across a wide spectrum of stocks by providing both incentives and obligations such as the requirement to quote in 1,000 securities which must be on the NBBO 25% of
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