Friday, May 31, 2024

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


  • Pricing

Markets Impacted:

Contact Information:


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


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


12 million



7 million



2 million



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.




““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.