FINRA Manual: Contents
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4000. FINANCIAL AND OPERATIONAL RULES
4500. BOOKS, RECORDS AND REPORTS
4550. ATS Reporting
4551. Requirements for Alternative Trading Systems to Record and Transmit Order and Execution Information for Security Futures
4552. Alternative Trading Systems — Trading Information for Securities Executed Within the Alternative Trading System
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4553. Fees for ATS Data
Fees are charged for ATS Data as set forth in this Rule. Professionals and Vendors must pay the subscription fee to receive ATS Data in accordance with this Rule and execute appropriate agreements with FINRA.
(1) Professionals may subscribe for the most currently published ATS Data and up to five years of historical ATS Data in a downloadable, pipe delimited format for a twelve-month subscription fee of $12,000. Such fee is not refundable or transferable.
(2) Payment of the Professional subscription fee described in this paragraph (b) provides the Professional with use of such ATS Data to generate Derived Data.
(3) Professionals may distribute ATS Data or Derived Data to their employees, affiliates, or employees of affiliates but are prohibited from providing ATS Data or Derived Data to any third party.
(1) Vendors may subscribe for access to the most currently published ATS Data and up to five years of historical ATS Data in a downloadable, pipe delimited format for a twelve-month subscription fee of $18,000. Such fee is not refundable or transferable.
(2) Payment of the Vendor subscription fee described in this paragraph (c) provides the Vendor with use of such ATS Data to generate Derived Data.
(3) Vendors are prohibited from providing ATS Data to any third party unless a Professional subscription has been purchased for each such third party in accordance with paragraph (b) above.
(1) There shall be no charge paid by a Non-Professional for access to the most recently published four weeks of ATS Data; however, such ATS Data will not be available in a downloadable format.
For purposes of this rule, the following terms have the meaning set forth:
(1) "ATS Data" means Trading Information published by FINRA on its website.
(2) "Derived Data" means data that is derived from ATS Data and that is not able to be (A) reverse engineered by a reasonably skilled user into ATS Data or (B) used as a surrogate for ATS Data.
(3) "Non-Professional" means a natural person who uses the ATS Data solely for his or her personal, non-commercial use. A "Non-Professional" is not:
(A) registered nor qualified in any capacity with the SEC, the Commodity Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association, nor an employee of the above and, with respect to any person identified in this subparagraph (A), uses ATS Data for other than personal, non-commercial use;
(B) engaged as an "investment adviser" as that term is defined in Section 202(a)(11) of the Investment Advisers Act (whether or not registered or qualified under that Act), nor an employee of the above and, with respect to any person identified in this subparagraph (B), uses ATS Data for other than personal, non-commercial use;
(C) employed by a bank, insurance company or other organization exempt from registration under federal or state securities laws to perform functions that would require registration or qualification if such functions were performed for an organization not so exempt, nor any other employee of a bank, insurance company or such other organization referenced above and, with respect to any person identified in this subparagraph (C), uses ATS Data for other than personal, non-commercial use; nor
(D) engaged in, nor has the intention to engage in, any commercial redistribution of all or any portion of the ATS Data or Derived Data.
(4) "Professional" means any non-natural person or any natural person that does not meet the definition of “Non-Professional” in paragraph (3).
(5) "Trading Information" has the same meaning as set forth in Rule 4552.
(6) "Vendor" means a Professional who distributes ATS Data or Derived Data to any third party.
Adopted by SR-FINRA-2014-018 eff. May 29, 2014.