The Displayed Liquidity Incentive (DLI) provides additional economic incentives to all displayed provide liquidity when a Member meets the following requirements over the course of a month through one or more MPIDs.
|Tier 1||Member has an NBBO Time of at least 25% in an average of at least 1,000 securities, at least 125 of which must be DLI Target Securities, per trading day during the month|
|Tier 2||Member has an NBBO Time of at least 25% in an average of at least 250 securities, at least 75 of which must be DLI Target Securities, per trading day during the month|
Members must maintain a one- or two-sided quote of at least one round lot at the NBBO during regular trading hours as per the required criteria above.*
Please see our fee schedule for details on the DLI rebate.
*The average number of securities in which such Member meets the quoting requirement per trading day during the month will be calculated by summing the number of securities in which each of such Member’s MPIDs met the quoting requirement for each trading day during the month then dividing the resulting sum by the total number of trading days in the month.