The following pricing changes will be effective, Saturday, June 1, 2024, subject to a proposed rule change filed with the SEC to amend FINRA Rule 7620A (see SR-FINRA-2024-009).These changes will apply to the FINRA/Nasdaq Trade Reporting Facility Carteret and the FINRA/Nasdaq Trade Reporting Facility Chicago (the “FINRA/Nasdaq TRFsTM”).
Pricing Changes
1. Nasdaq, as the FINRA/Nasdaq TRF Business Member, is modifying the Non-Comparison/Accept Trade Report fee by raising the threshold daily average number of Media/Executing Party trades necessary for all participants, other than Retail Participants, to qualify for a fee cap during a month.
Cap Qualification
Executing Party Average Daily Media Executions
Per Tape (A, B, C)
Existing 5,000
New 10,000
Non-Comparison/Accept Trade Reports
2. Nasdaq is introducing a new tiered pricing discount for all Media/Contra Party and Non-Media/Contra Party fees that do not qualify for the fee cap (as modified per the above).
Discount Qualification
Tier
Minimum Number of Media/Contra Trade Reports During the Month
Monthly Discounted Charge Per Trade Report
At least 35% of the participant’s total number of trades reported to the FINRA/Nasdaq TRFs during the month represent Media/Contra Party trades and the participant meets the minimum number of Media/Contra Trade Reports for a given tier
1
12 million
$0.0075
2
7 million
$0.0095
3
2 million
$0.012
If a participant does not meet the pricing discount qualifications, standard Non-Comparison/Accept contra fees apply.
More Information
Nasdaq’s Price List will be updated for the pricing changes effective, June 1, 2024.
Notes:
““FINRA/Nasdaq TRF” means the FINRA/Nasdaq TRF Carteret and the FINRA/Nasdaq TRF Chicago, depending on the facility to which the member firm reports.
FINRA™, Trade Reporting Facility™ and TRF™ are trademarks of Financial Industry Regulatory Authority, Inc.; FINRA/NASDAQ TRF™ is used under license for Financial Industry Regulatory Authority, Inc.