Nasdaq to implement ETF market
Nasdaq will implement its own ETF market, including exchange traded funds and index-lined notes, in the third quarter of 2007. The exchange submitted proposed rules to the Securities and Exchange Commission (SEC) relating to DLPs and Qualified Securities to the US Securities and Exchange Commission on June 19.
Nasdaq’s ETF Market centres around the designated liquidity provider (DLP), a market maker who has been selected to maintain liquidity in qualified ETFs (ie. qualified securities).
Nasdaq will require DLPs to maintain a higher standard of market quality measured by spread, depth, and time quoting at or near the National Best Bid and Offer (NBBO). They will receive price incentives to support ETFs during their period of initial listing, when ETFs need to develop more active trading. DLPs will be
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