[ by Howard Haykin ] Nasdaq issued a reminder to its members that the "Excessive Messaging Policy" goes effective Monday, 7/2/12, on the Nasdaq, BX, and PSX exchanges. Members are encouraged to refer to ETA #2012-13 for details regarding Policy thresholds, standards and fees.  Note: Only orders submitted during market hours count towards the ratio calculation. Why an Excessive Messaging Policy? The Policy is intended to reduce excessive submission of non-marketable displayed orders to the exchange.  MPIDs that exceed a "Weighted Order-to-Trade Ratio" of 100:1 will pay a fee on the orders that cause them to exceed the threshold. Order and trade activity by Registered Market Makers in their registered securities will be excluded from the ratio calculation.  Only orders submitted during market hours count towards the ratio calculation. For more information, contact Transaction Services U.S. Market Sales at 800 846 0477. For further details, go to:  [Nasdaq ETA 12-29, 6/27/12].