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Wednesday, June 3, 2015

Equity Trader Alert #2015 - 83
Nasdaq Collection of Exchange Fees and Changes in Billing Policies

Category:

  • Pricing

Markets Impacted:

Contact Information:

Resources:

Effective Wednesday, July 1, 2015 the collection of exchange fees and other claims pursuant to Nasdaq Rule 7007 will undergo the following changes.

Each Nasdaq member, and all applicants for registration as such, will be required to provide a clearing account number for an account at the National Securities Clearing Corporation (“NSCC”) before July 24, 2015. If one is not provided, Nasdaq will use the primary NSCC number on file with the Exchange. This will allow the Exchange to debit any undisputed or final fees, fines, charges and/or other monetary sanctions or other monies due and owing to the Exchange or other charges related to 7000 series rules, as specified below, and 8000 series rules which are due and owing to Nasdaq. The first debit will occur on August 23, 2015 for the applicable fees and rebates incurred in July 2015 and any past due amounts. All Nasdaq members should contact Nasdaq Subscriber Services and provide the clearing account number they wish to have debited at NSCC by July 24, 2015. If no number is provided, Nasdaq will select the appropriate NSCC clearing number.

This process is the same as is employed by PHLX, PSX, BX, BX Options, and NOM.

If a Nasdaq member disputes an invoice, the Exchange will not include the disputed amount in the debit if the member has disputed the amount in writing to the Exchange's designated staff by the 15th of the month, or the following business day if the 15th is not a business day, and the amount in dispute is at least $10,000 or greater.

All pricing disputes concerning fees or rebates which are billed by the Exchange must be submitted to the Exchange in writing and must be accompanied by supporting documentation. All pricing disputes must be submitted no later than sixty (60) days after receipt of a billing invoice.

The following 7000 series Rules will be subject to this Rule:

  • 7001 (Membership Fees)
  • 7014 (Market Quality Incentive Programs)
  • 7015 (Access Services)
  • 7016 (Pre-Trade Risk Management)
  • 7018 (Nasdaq Equities System Order Execution and Routing)
  • 7021 (Nasdaq Trading and Compliance Data Package Fee)
  • 7024 (Clearly Erroneous Module)
  • 7027 (Aggregation of Activity of Affiliated Members)
  • 7029 (Installation, Removal or Relocation)
  • 7030 (Other Services)
  • 7034 (Co-Location Services)
  • 7038 (Step-Outs and Sales Fees Transfers)
  • 7041 (Nasdaq Regulation Reconnaissance Service)
  • 7042 (Non-Tape Riskless Submissions)
  • 7043 (Inclusion of Transaction Fees in Clearing Reports Submitted to ACT)
  • 7049 (Nasdaq InterACT)
  • 7051 (Direct Connectivity)
  • 7055 (Short Sale Monitor)
  • 7058 (QView)
  • 7060 (Equity Trade Journal for Clearing Firms)
  • 7061 (Limit Locator)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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