# Nasdaq makes a premium liquidity-provider program available to qualifying crypto ETPs

> Nasdaq’s immediately effective SRO filing adds an optional $50,000 Premier Annual Listing Fee and a Quality Liquidity Provider program for qualifying low-volume ETPs, including eligible commodity-based and commodity-futures trust shares used for digital-asset products.

- URL: https://riadefi.com/regulation/2026-08-18-nasdaq-etp-quality-liquidity-provider-program/
- Posture: Proposal · not in effect
- Authorities: The Nasdaq Stock Market LLC; U.S. Securities and Exchange Commission
- Event date: 2026-08-18
- Effective: 2026-08-18
- Version: 1, published 2026-09-15 (first published 2026-09-15)
- Advisor-relevant: no

This entry records a proposal. It does not change the law unless it is adopted.

## What changed

Nasdaq’s immediately effective SRO filing adds an optional $50,000 Premier Annual Listing Fee and a Quality Liquidity Provider program for qualifying low-volume ETPs, including eligible commodity-based and commodity-futures trust shares used for digital-asset products. Participating issuers may select one qualifying market maker subject to enhanced quoting, depth, and auction metrics; Nasdaq will fund incentives from general revenues and publish program-participation information. The filing became effective August 18, 2026, and Nasdaq designated implementation for September 1, 2026.

## Who it affects

- Issuers of qualifying Nasdaq-listed digital-asset ETPs considering the Premier Annual Listing Fee
- Nasdaq market makers seeking Quality Liquidity Provider assignments
- Investment advisers and clients evaluating liquidity and execution quality in lower-volume crypto ETPs

## What is still open

- Which digital-asset ETP issuers will elect the premium tier and which market makers Nasdaq will assign
- Whether the program measurably improves spreads, depth, and auction performance for participating crypto ETPs
- Whether the SEC will suspend the immediately effective filing during the statutory 60-day review period

## What it means for an advisor

- Add QLP participation, assigned market maker, program entry or exit, and applicable performance metrics to digital-asset ETP liquidity diligence
- Monitor Nasdaq’s required public disclosures and realized spreads and depth rather than assuming participation guarantees better execution
- Distinguish the immediately effective market-quality program from SEC approval or endorsement of any underlying digital-asset ETP

## Sources

1. [Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Listing Fees for Exchange-Traded Products and Add a New Quality Liquidity Provider Program](https://www.federalregister.gov/documents/2026/09/01/2026-17808/self-regulatory-organizations-the-nasdaq-stock-market-llc-notice-of-filing-and-immediate) · U.S. Securities and Exchange Commission and The Nasdaq Stock Market LLC · 2026-09-01 · effective 2026-08-18


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Published by Ketju Research on RIADeFi (https://riadefi.com). Educational research for financial professionals; not investment, legal, tax, or compliance advice.