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7620A. FINRA/Nasdaq Trade Reporting Facility Reporting Fees

The following charges shall be paid by participants for use of the FINRA/Nasdaq Trade Reporting Facility. In the case of trades where the same market participant is on both sides of a trade report, applicable fees assessed on a "per side" basis will be assessed once, rather than twice, and the market participant will be assessed applicable Non-Comparison/Accept (Non-Match/Compare) Charges as the Executing Party side only. For avoidance of doubt, if a market participant reports trades to both the FINRA/Nasdaq Trade Reporting Facility Carteret and the FINRA/Nasdaq Trade Reporting Facility Chicago during a given month, then the participant's aggregate reporting volume on both FINRA/Nasdaq Trade Reporting Facilities will be considered for the purpose of determining whether and to what extent the following charges or caps apply to the participant during that month.
Non-Comparison/Accept (Non-Match/Compare) Charges:  
Tape Daily Average Number of Media/Executing Party Trades During the Month Needed to Qualify for Cap
A 2500
B 2500
C 2500
Media/Executing Party
Monthly Charge Maximum Monthly Charge if Capped
($0.018) x (Number of Media/Executing Party Reports During the Month) ($0.018) x (Required Daily Average Number of Media/EP Trades for Tape A, B or C) x (Number of Trading Days During the Month)
Non-Media/Executing Party
Monthly Charge Maximum Monthly Charge if Capped
($0.018) x (Number of Non-Media/Executing Party Reports During the Month) ($0.018) x 2500 for Tape A, B or C x (Number of Trading Days During the Month)
Media/Contra
Monthly Charge Maximum Monthly Charge if Capped
($0.013) x (Number of Media/Contra Reports During the Month) ($0.013) x 2500 for Tape A, B or C x (Number of Trading Days During the Month)
Media/Contra Cap
Participants making markets in alternative trading systems registered pursuant to Regulation ATS will qualify for a fee cap applied to all trades under Rule 7620A if they meet the following criteria on a monthly basis:
•    Participant's percentage of contra media trades must represent at least 35% of their total FINRA/Nasdaq Trade Reporting Facility volume.
•    Participant must be contra to a minimum of 1,000,000 trades in Tape A, 500,000 trades in Tape C and 250,000 trades in Tape B.
•    Participant must complete an attestation form stating that they maintain a two-sided quote in each symbol traded on an alternative trading system registered pursuant to Regulation ATS and display a quotation size of at least one normal unit of trading (specific for each security) thereon. Participants will be audited by Nasdaq, Inc. periodically.
Maximum Monthly Charge if Capped $5,000 per Tape (A, B or C)
Non-Media/Contra
Monthly Charge Maximum Monthly Charge if Capped
($0.013) x (Number of Non-Media/Contra Reports During the Month) ($0.013) x 2500 for Tape A, B or C x (Number of Trading Days During the Month)
Standard Fees:  
Clearing report to transfer a transaction fee charged by one member to another member pursuant to Rule 7230A(h) $0.03/side
Comparison/Accept $0.0144/side per 100 shares (minimum 400 shares; maximum 7,500 shares)
Late Report—T+N $0.288/trade (charged to the Executing Party)
Query $0.50/query
Corrective Transaction Charge $0.25/Cancel, Error, Inhibit, or Kill , paid by reporting side; $0.25/Break, Decline transaction, paid by each party

• • • Supplementary Material: ------------------

.01 For purposes of this Rule, the terms below shall have the following meanings.
"Comparison/Accept" shall mean transactions that are subject to the ACT Comparison process.
"Non-Comparison/Accept (Non-Match/Compare)" shall mean transactions that are not subject to the ACT Comparison process and may be submitted as "Media" and "Non-Media," clearing and non-clearing, AGU, QSR, one-sided and "Internalized cross" trade reports.
"Internalized cross" shall mean cross trades where a single party is on both sides of a trade report.
"Executing Party (EP)" shall mean the member with the trade reporting obligation under FINRA rules.
"Contra Party or Contra (CP)" shall mean the member on the contra side of a trade report.
"Media" reports shall mean reports of transactions submitted for public dissemination.
"Non-Media" reports shall mean reports of transactions not submitted for public dissemination.

.02 Participants that qualify for the Media/Contra fee cap must contact Nasdaq Trading Services to complete the attestation form required under this Rule.

Amended by SR-FINRA-2018-013.
Amended by SR-FINRA-2017-016 eff. May 23, 2017.
Amended by SR-FINRA-2016-009 eff. Feb. 23, 2016.
Amended by SR-FINRA-2015-053 eff. Nov. 25, 2015 (Operative Nov. 16, 2015).
Amended by SR-FINRA-2013-009 eff. Feb. 1, 2013.
Amended by SR-FINRA-2010-011 eff. April 1, 2010.
Amended by SR-FINRA-2010-009 eff. March 1, 2010.
Amended by SR-FINRA-2009-088 eff. Dec. 7, 2009.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Amended by SR-NASD-2007-051 eff. Aug. 1, 2007.
Adopted by SR-NASD-2006-090 eff. Aug. 1, 2006.

Selected Notice: 08-57.

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