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Friday, May 31, 2024

Equity Trader Alert #2024 - 32
FINRA/Nasdaq TRF Pricing Change Effective June 1, 2024

Category:

  • Pricing

Markets Impacted:

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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.