global lcd panel exchange center pricelist

Maintain a one- or two-sided quote, of at least one round lot at the NBBO in an average of 1,000 securities for at least 25% of market hours each month through one or more Nasdaq Market Center MPIDs.

QMM rebate incentives for achieving the QMM criteria are as follows: A rebate per share executed (as defined in the below table) for all displayed orders (other than Designated Retail Orders) in securities priced at $1 or more per share that provide liquidity and were for securities listed on NYSE ("Tape A QMM Incentive"), securities listed on exchanges other than Nasdaq and NYSE ("Tape B QMM Incentive"), or securities listed on Nasdaq (“Tape C QMM Incentive”). Such rebate for executions will be in addition to any rebate payable under Rule 7018 (existing add displayed liquidity rebates):

Member adds liquidity (displayed, non-displayed, and midpoint) provided in all securities through one or more of its Nasdaq Market Center MPIDs that represents 0.70% up to and including 0.90% of Consolidated Volume during the month or 70 million shares ADV during the month.

Member adds liquidity (displayed, non-displayed, and midpoint) provided in all securities through one or more of its Nasdaq Market Center MPIDs that represents 0.80% up to and including 0.90% (in securities priced at or greater than $1) of Consolidated Volume (in securities priced at or greater than $1) during the month.

Member adds liquidity (displayed, non-displayed, and midpoint) provided in all securities through one or more of its Nasdaq Market Center MPIDs above 0.90% of Consolidated Volume during the month.

Member adds liquidity (displayed, non-displayed, and midpoint) provided in all securities through one or more of its Nasdaq Market Center MPIDs above 0.90% (in securities priced at or greater than $1) of Consolidated Volume (in securities priced at or greater than $1) during the month.

In addition to the above rebate incentives, QMMs that execute shares of liquidity provided in all securities through one or more of its Nasdaq Market Center MPIDs that represent 1.00% or more of Consolidated Volume during the month will be assessed a discounted remove fee of $0.00295 in Tapes A and B for shares executed (in securities priced at or greater than $1). QMMs that meet the criteria of Tier 2 and 1) have a combined Consolidated Volume (adding and removing liquidity) of at least 3.7%; 2) execute 0.35% MOC/LOC; and 3) provide 0.15% liquidity using midpoint orders during the month will be assessed a discounted remove fee of $0.0029 in Tapes A and B for shares executed (in securities priced at or greater than $1).

A Member"s MPIDs may qualify for an additional rebate of $0.000075 in Tapes A and C, and an additional rebate of $0.00005 in Tape B in addition to the Tier 2 QMM incentive by the 1. MPID adding greater than 1.25% TCV; 2. MPID maintaining a one- or two-sided quote, of at least one round lot at the NBBO in an average of at least 2,700 securities for at least 50% of market hours each month through one or more Nasdaq Market Center MPIDs of which at least 1,200 securities are in Tape A securities; and 3. MPID Increasing add volume as a percentage of TCV in Tape A securities by 0.50% versus the MPID’s May 2020 baseline.

In order to determine how much time a Member quotes a security at the NBBO for purposes of determining a Member"s QMM eligibility, NASDAQ will take the average of the time spent at the bid and offer between 9:30 a.m. and 4:00 p.m., Eastern Time (ET) for each trading day for each of a Member’s MPIDs. The monthly average will be calculated for each MPID for each security by summing the security"s daily averages then dividing the resulting sum by the total number of trading days in the month. The exchange will aggregate the number of securities meeting the 25% threshold requirement for all of a Member’s MPIDs to determine if the Member met the 1,000 security threshold for the month.

Effective May 2021 The Nasdaq Stock Market (“Nasdaq”) will offer new Designated Liquidity Provider (DLP) program for exchange traded products (ETPs). The program offers additional standard and enhanced rebates given all the Market Quality requirements (see below) are met.

2. above 4 million shares executed in the month that remove liquidity on Nasdaq or execute on other protected Reg NMS venues than Nasdaq Center during regular market hours, provided that the member grows its regular market hours volume during the month by at least 100% vs March 2022, excluding taker-maker venues

In order to fund Section 31 exchange obligations, we assess a Sales Fee to Clearing Firms relative to the covered sale activity of their executing brokers on NASDAQ.

Workstation users may choose to purchase CQS data at the exchanges" rates. The exchange will bill the user directly. View the NYSE and NYSE MKT pricing schedules.

Foreign exchange rates are used to calculate billing charged between USD and the partners local currency for Azure products. The rates are updated on the first of every month and hold true for the given month the rates are made available. These files are updated on the first day of every month.

Price changes are a common occurrence. Partners can anticipate price changes for license-based offers by looking at the price list preview. On the Partner Center, select the Pricing workspace to see the price list preview.

License-based services can be acquired as either base offers or add-ons. Only base offers are discoverable and purchasable via the Partner Center catalog. Partners need to apply add-ons only after purchasing the base offers. The license-based price list Secondary license type column includes information about each offer and its type. Base offers have Non-specific values in the price list secondary license type column and can be purchased in the catalog. Secondary license type values of add-on can"t be purchased in the catalog. To purchase these add-ons:

For CSP partners who use the Partner Center Software Development Kits (SDKs). Microsoft also publishes a list of the Azure Services in CSP on the Pricing and offers page.

These purchasing constraints are defined as part of the offer configuration and can be found by looking in the offer list matrix. Two columns of data work together to define the enforcement: 1. Offer Limit Scope and 2. Offer Limit. The constraints are enforced during a purchase. The catalog in Partner Center will disallow a partner from purchasing more offers than the rules allow. Any attempt to violate the constraints will result in an error.

Attestation applies both to the Partner Center and the Partner Center APIs when submitting orders and checking out carts. Partners can determine which offers require attestation by checking the AttestationProperties on the offer or SKU objects.

Pricing data is available to partners both from the Partner Center dashboard and through the pricing sheet API. Partners download the price list by navigating to the Price lists page. The new commerce offer price list and offer matrix will be labeled with New Commerce.

Price lists include basic information about pricing (how much it costs). The offer matrix includes purchase information about the products (how to buy it). Much of the information included in these download files is also accessible through the various Partner Center APIs (catalog APIs and price sheet APIs). Price lists require the partner to select the market for the pricing they request while the Offer-list matrix is agnostic of market.

The price list includes termDuration data that explains how long the term lasts. Many products support both monthly (P1M) and annual (P1Y). However, not all products support monthly term. A few examples of this include: Microsoft Intune, Microsoft Defender for Cloud, some Phone System and Calling plans, and various Exchange Online stand-alone products. Partners should reference the current price list and filter by termDuration to view product SKUs by term.

ProductID/SKUID/AvailabilityID. The Availability ID is only returned in the GetAvailablities API. When purchasing through the Partner Center user interface, it"s automatically included.

In the preceding example, a transaction made on November 2 would be related to the top line item. A transaction made on November 4 would be associated with the second line item. Overlap is a condition the Partner Center team is working to resolve because it can cause confusion for price list consumers.

Pricing and offer matrix APIs build on the existing price sheet API infrastructure that was released to support Azure plan. This API is now extended to support license-based new commerce pricing. The price sheet and offer matrix APIs supports pricing for updated new commerce license-based online services only. It doesn"t support traditional office license-based services available for download only from Partner Center pricing and offers page.

[Introduction]: This paper analyzes the competitive pattern of the panel display industry from both supply and demand sides. On the supply side, the optimization of the industry competition pattern by accelerating the withdrawal of Samsung’s production capacity is deeply discussed. Demand-side focuses on tracking global sales data and industry inventory changes.

Since April 2020, the display device sector rose 4.81%, ranking 11th in the electronic subsectors, 3.39 percentage points behind the SW electronic sector, 0.65 percentage points ahead of the Shanghai and Shenzhen 300 Index. Of the top two domestic panel display companies, TCL Technology is up 11.35 percent in April and BOE is up 4.85 percent.

Specific to the panel display plate, we still do the analysis from both ends of supply and demand: supply-side: February operating rate is insufficient, especially panel display module segment grain rate is not good, limited capacity to boost the panel display price. Since March, effective progress has been made in the prevention and control of the epidemic in China. Except for some production lines in Wuhan that have been delayed, other domestic panels show that the production lines have returned to normal. In South Korea, Samsung announced recently that it would accelerate its withdrawal from all LCD production lines. This round of output withdrawal exceeded market expectations both in terms of pace and amplitude. We will make a detailed analysis of it in Chapter 2.

Demand-side: We believe that people spend more time at home under the epidemic situation, and TV, as an important facility for family entertainment, has strong demand resilience. In our preliminary report, we have interpreted the pick-up trend of domestic TV market demand in February, which also showed a good performance in March. At present, the online market in China maintains a year-on-year growth of about 30% every week, while the offline market is still weak, but its proportion has been greatly reduced. At present, people are more concerned about the impact of the epidemic overseas. According to the research of Cinda Electronics Industry Chain, in the first week, after Italy was closed down, local TV sales dropped by about 45% from the previous week. In addition, Media Markt, Europe’s largest offline consumer electronics chain, also closed in mid-March, which will affect terminal sales to some extent, and panel display prices will continue to be under pressure in April and May. However, we believe that as the epidemic is brought under control, overseas market demand is expected to return to the pace of China’s recovery.

From a price perspective, the panel shows that prices have risen every month through March since the bottom of December 19 reversed. However, according to AVC’s price bulletin of TV panel display in early April, the price of TV panel display in April will decrease slightly, and the price of 32 “, 39.5 “, 43 “, 50 “and 55” panels will all decrease by 1 USD.65 “panel shows price down $2; The 75 “panel shows the price down by $3.The specific reasons have been described above, along with the domestic panel display production line stalling rate recovery, supply-side capacity release; The epidemic spread rapidly in Europe and the United States, sports events were postponed, local blockades were gradually rolled out, and the demand side declined to a certain extent.

Looking ahead to Q2, we think prices will remain under pressure in May, but prices are expected to pick up in June as Samsung’s capacity is being taken out and the outbreak is under control overseas. At the same time, from the perspective of channel inventory, the current all-channel inventory, including the inventory of all panel display factories, has fallen to a historical low. The industry as a whole has more flexibility to cope with market uncertainties. At the same time, low inventory is also the next epidemic warming panel show price foreshadowing.

In terms of valuation level, due to the low concentration and fierce competition in the panel display industry in the past ten years, the performance of sector companies is cyclical to a certain extent. Therefore, PE, PB, and other methods should be comprehensively adopted for valuation. On the other hand, the domestic panel shows that the leading companies in the past years have sustained large-scale capital investment, high depreciation, and a long period of poor profitability, leading to the inflated TTM PE in the first half of 2014 to 2017. Therefore, we will display the valuation level of the sector mainly through the PB-band analysis panel in this paper.

In 2017, due to the combined impact of panel display price rise and OLED production, the valuation of the plate continued to expand, with the highest PB reaching 2.8 times. Then, with the price falling, the panel shows that PB bottomed out at the end of January 2019 at only 1.11 times. From the end of 2019 to February, the panel shows that rising prices have driven PB all the way up, the peak PB reached 2.23 times. Since entering March, affected by the epidemic, in the short term panel prices under pressure, the valuation of the plate once again fell back to 1.62 times. In April, the epidemic situation in the epidemic country was gradually under control, and the valuation of the sector rebounded to 1.68 times.

We believe the sector is still at the bottom of the stage as Samsung accelerates its exit from LCD capacity and industry inventories remain low. Therefore, once the overseas epidemic is under control and the domestic demand picks up, the panel shows that prices will rise sharply. In addition, the plate will also benefit from Ultra HD drive in the long term. Panel display plate medium – and long-term growth logic is still clear. Coupled with the optimization of the competitive pattern, industry volatility will be greatly weakened. The current plate PB compared to the historical high has sufficient space, optimistic about the plate leading company’s investment value.

Revenue at Innolux and AU Optronics has been sluggish for several months and improved in March. Since the third quarter of 2017, Innolux’s monthly revenue growth has been negative, while AU Optronics has only experienced revenue growth in a very few months.AU Optronics recorded a record low revenue in January and increased in February and March. Innolux’s revenue returned to growth in March after falling to its lowest in recent years in February. However, because the panel display manufacturers in Taiwan have not put in new production capacity for many years, the production process of the existing production line is relatively backward, and the competitiveness is not strong.

On March 31, Samsung Display China officially sent a notice to customers, deciding to terminate the supply of all LCD products by the end of 2020.LGD had earlier announced that it would close its local LCDTV panel display production by the end of this year. In the following, we will analyze the impact of the accelerated introduction of the Korean factory on the supply pattern of the panel display industry from the perspective of the supply side.

The early market on the panel display plate is controversial, mainly worried about the exit of Korean manufacturers, such as LCD display panel price rise, or will slow down the pace of capacity exit as in 17 years. And we believe that this round of LCD panel prices and 2017 prices are essentially different, the LCD production capacity of South Korean manufacturers exit is an established strategy, will not be transferred because of price warming. Investigating the reasons, we believe that there are mainly the following three factors driving:

(1) Under the localization, scale effect, and aggregation effect, the Chinese panel leader has lower cost and stronger profitability than the Japanese and Korean manufacturers. In terms of cost structure, according to IHS data, material cost accounts for 70% of the cost displayed by the LCD panel, while depreciation accounts for 17%, so the material cost has a significant impact on it. At present, the upstream LCD, polarizer, PCB, mold, and key target material line of the mainland panel display manufacturers are fully imported into the domestic, effectively reducing the material cost. In addition, at the beginning of the factory, manufacturers not only consider the upstream glass and polarizer factory but also consider the synergy between the downstream complete machine factory, so as to reduce the labor cost, transportation cost, etc., forming a certain industrial clustering effect. The growing volume of shipments also makes the economies of scale increasingly obvious. In the long run, the profit gap between the South Korean plant and the mainland plant will become even wider.

(2) The 7 and 8 generation production lines of the Korean plant cannot adapt to the increasing demand for TV in average size. Traditionally, the 8 generation line can only cut the 32 “, 46 “, and 60” panel displays. In order to cut the other size panel displays economically and effectively, the panel display factory has made small adjustments to the 8 generation line size, so there are the 8.5, 8.6, 8.6+, and 8.7 generation lines. But from the cutting scheme, 55 inches and above the size of the panel display only part of the generation can support, and the production efficiency is low, hindering the development of large size TV. Driven by the strong demand for large-size TV, the panel display generation line is also constantly breaking through. In 2018, BOE put into operation the world’s first 10.5 generation line, the Hefei B9 plant, with a designed capacity of 120K/ month. The birth of the 10.5 generation line is epoch-making. It solves the cutting problem of large-size panel displays and lays the foundation for the outbreak of large-size TV. From the cutting method, one 10.5 generation line panel display can effectively cut 18 43 inches, 8 65 inches, 6 75 inches panel display, and can be more efficient in hybrid mode cutting, with half of the panel display 65 inches, the other half of the panel display 75 inches, the yield is also guaranteed. Currently, there are a total of five 10.5 generation lines in the world, including two for domestic panel display companies BOE and Huaxing Optoelectronics. Sharp has a 10.5 generation line in Guangzhou, which is mainly used to produce its own TV. Korean manufacturers do not have the 10.5 generation line. In the context of the increasing size of the TV, Korean manufacturers are obviously at a disadvantage in competitiveness.

(3) As the large-size OLED panel display technology has become increasingly mature, Samsung and LGD hope to transfer production to large-size OLED with better profit prospects as soon as possible. Apart from the price factor, the reason why South Korean manufacturers are exiting LCD production is more because the large-size OLED panel display technology is becoming mature, and Samsung and LGD hope to switch to large-size OLED production as soon as possible, which has better profit prospects. At present, there are three major large-scale OLED solutions including WOLED, QD OLED, and printed OLED, while there is only WOLED with a mass production line at present.

According to statistics, shipments of OLED TVs totaled 2.8 million in 2018 and increased to 3.5 million in 2019, up 25 percent year on year. But it accounted for only 1.58% of global shipments. The capacity gap has greatly limited the volume of OLED TV.LG alone consumes about 47% of the world’s OLED TV panel display capacity, thanks to its own capacity. Other manufacturers can only purchase at a high price. According to the industry chain survey, the current price of a 65-inch OLED panel is around $800-900, while the price of the same size LCD panel is currently only $171.There is a significant price difference between the two.

Samsung and LGD began to shut down LCD production lines in Q3 last year, leading to the recovery of the panel display sector. Entering 2020, the two major South Korean plants have announced further capacity withdrawal planning. In the following section, we will focus on its capacity exit plan and compare it with the original plan. It can be seen that the pace and magnitude of Samsung’s exit this round is much higher than the market expectation:

(1) LGD: LGD currently has three large LCD production lines of P7, P8, and P9 in China, with a designed capacity of 230K, 240K, and 90K respectively. At the CES exhibition at the beginning of this year, the company announced that IT would shut down all TV panel display production capacity in South Korea in 2020, mainly P7 and P8 lines, while P9 is not included in the exit plan because IT supplies IT panel display for Apple.

(2) Samsung: At present, Samsung has L8-1, L8-2, and L7-2 large-size LCD production lines in South Korea, with designed production capacities of 200K, 150K, and 160K respectively. At the same time in Suzhou has a 70K capacity of 8 generation line.

This round of capacity withdrawal of South Korean plants began in June 2019. Based on the global total production capacity in June 2019, Samsung will withdraw 1,386,900 square meters of production capacity in 2019-2020, equivalent to 9.69% of the global production capacity, according to the previous two-year withdrawal expectation. In 2021, 697,200 square meters of production capacity will be withdrawn, which is equivalent to 4.87% of the global production capacity, and a total of 14.56% will be withdrawn in three years. After the implementation of the new plan, Samsung will eliminate 2.422 million square meters of production capacity by the end of 2020, equivalent to 16.92 percent of the global capacity. This round of production plans from the pace and range are far beyond the market expectations.

Global shipments of TV panel displays totaled 281 million in 2019, down 1.06 percent year on year, according to Insight. In fact, TV panel display shipments have been stable since 2015 at between 250 and 300 million units. At the same time, from the perspective of the structure of sales volume, the period from 2005 to 2010 was the period when the size of China’s TV market grew substantially. Third-world sales also leveled off in 2014. We believe that the sales volume of the TV market has stabilized and there is no big fluctuation. The impact of the epidemic on the overall demand may be more optimistic than the market expectation.

In contrast to the change in volume, we believe that the core driver of the growth in TV panel display demand is actually the increase in TV size. According to the data statistics of Group Intelligence Consulting, the average size of TV panel display in 2014 was 0.47 square meters, equivalent to the size of 41 inches screen. In 2019, the average TV panel size is 0.58 square meters, which is about the size of a 46-inch screen. From 2014 to 2019, the average CAGR of TV panel display size is 4.18%. Meanwhile, the shipment of TV in 2019 also increased compared with that in 2014. Therefore, from 2014 to 2019, the compound growth rate of the total area demand for TV panel displays is 6.37%.

It is assumed that 4K screen and 8K screen will accelerate the penetration and gradually become mainstream products in the next 2-3 years. The pace of screen size increase will accelerate. We have learned through industry chain research that the average size growth rate of TV will increase to 6-8% in 2020. Driven by the growth of the average size, the demand area of global TV panel displays is expected to grow even if TV sales decline, and the upward trend of industry demand remains unchanged.

Meanwhile, the global LCDTV panel display demand will increase significantly in 2021, driven by the recovery of terminal demand and the continued growth of the average TV size. In 2021, the whole year panel display will be in a short supply situation, the mainland panel shows that both males will enjoy the price elasticity.

This paper analyzes the competition pattern of the panel display industry from both supply and demand sides. On the supply side, the optimization of the industry competition pattern by accelerating the withdrawal of Samsung’s production capacity is deeply discussed. Demand-side focuses on tracking global sales data and industry inventory changes. Overall, we believe that the current epidemic has a certain impact on demand, and the panel shows that prices may be under short-term pressure in April or May. But as Samsung’s exit from LCD capacity accelerates, industry inventories remain low. So once the overseas epidemic is contained and domestic demand picks up, the panel suggests prices will surge. We are firmly optimistic about the A-share panel display plate investment value, maintain the industry “optimistic” rating. Suggested attention: BOE A, TCL Technology.

You set product prices in your selected base currency for each market. If a market has multiple countries or regions, then your fixed prices are converted into each local currency using the live exchange rate. If you want to sell to multiple countries or regions in one market but in a single currency, then you can disable local currencies for that market.

In addition to setting rounding rules and manual exchange rates for your product prices and shipping rates, you can also control your international pricing by setting separate product prices and price adjustments for countries and regions.

If you use auto exchange rates to convert your prices to another currency, then currency conversion fees are added into the converted price automatically.

If you use manual exchange rates or set individual product prices by country, then be sure to account for conversion fees in your final prices by using the manual exchange rate conversion formula.

You can use price adjustments together with manual exchange rates. For example, if you have a product priced at $20 in your store currency of USD and you set the rounding rule to 0.99 for all currencies, then you can control the pricing in CAD in any of the following ways:

You can set a manual exchange rate of 1.3 to stabilize the CAD price, and then apply a price adjustment of 20%. The price is calculated as $20 X 1.3 X 1.2 = $31.99.

You can set a manual exchange rate of 1, and then apply an adjustment of 50% to control the CAD price using only the price adjustment. The price is calculated as $20 X 1 X 1.5 = $30.99

You can select the automatic exchange rates and apply a price adjustment of 50% to the CAD prices. The price is calculated as $20 X [current FX rate] X 1.5. The price fluctuates based on current exchange rates with the 50% price adjustment added on top.