He added, "The MQP is a key piece of our larger strategy to better serve the ETP industry with market quality incentive programs, ETP-specific functionality and a platform built to be the preeminent ETP trading destination."
Through the MQP, an ETF issuer will pay a basic annual fee into NASDAQ OMX's general fund which will be rebated quarterly to qualified market makers. Market maker performance will be measured by time and size quoted at the National Best Bid and Offer and depth of displayed liquidity. MQP details and progress throughout the pilot will be provided on our ETP listings homepage:
"We're thrilled to demonstrate our commitment to the listings community as the first U.S. exchange to launch a competitive payment for market making program for ETPs, and we're proud to have transformed what was a market structure concept for many years into a reality with the help of the SEC," said Dave LaValle, Head of ETP Listings at NASDAQ OMX.
He added, "Our market is primed for additional ETP listings and stronger issuer partnerships in 2013 as we look to leverage our relationships in the market making community to increase ETP liquidity and broaden the pool of ETP liquidity providers. The MQP will accelerate our momentum within the ETP community."
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