FINRA Manual: Contents
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7000. CLEARING, TRANSACTION AND ORDER DATA REQUIREMENTS, AND FACILITY CHARGES
7500. CHARGES FOR ALTERNATIVE DISPLAY FACILITY SERVICES AND EQUIPMENT
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7510. System Services
This version is valid from Feb 3 2014 through Sep 9 2016.
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(a) Trade Reporting and Comparison
The following charges shall be paid by ADF participants for use of the System:
|Transaction Related Charges:|
|Comparison||$0.014/side per 100 shares (minimum 400 shares; maximum 7,500 shares)|
|Automated Give-Up||$0.029/trade(if the associated publicly disseminated trade is not reported to the media through the ADF) (charged to the Executing Party)|
|Qualified Special Representative||$0.029/trade (if the associated publicly disseminated trade is not reported to the media through the ADF) (charged to the Executing Party)|
|Late Report — T+N||$0.30/trade (charged to the Executing Party)|
|Corrective Transaction Charge||$0.25/ Break, Decline, Cancel, Correct, Reversal transaction, paid by each party (unless the trade is a locked-in transaction (i.e., an AGU or QSR), in which case the Corrective Transaction Charge is charged to the Executing Party)|
(b) Quotation Updates
The following quotation update charges will apply based on the average daily number of publicly disseminated trades reported to the media through the ADF during the billing period. A "quotation update" includes any change to the price or size of a displayed quotation.
|Average Trades Reported through the ADF Per Day||Quotation Update Charge||Quotes Updates Provided at No Charge|
|Less than 1||$.02 per quotation update||None|
|Between 1 and 100,000||$.01 per quotation update||5 quotation updates per trade|
|Between 100,001 and 125,000||$.005 per quotation update||20 quotation updates per trade|
|Between 125,001 and 150,000||$.005 per quotation update||25 quotation updates per trade|
|Greater than 150,000||No Charge||N/A|
(c) System Related Fees
(1) Web Browser Access
An ADF Market Participant that elects to report to the ADF via an ADF web browser shall be charged $20 per month per user ID.
(d) FINRA ADDS Fees
The FINRA Automated Data Delivery System ("FINRA ADDS") provides an ADF participant access to ADF trade journal files associated with its market participant identifier ("MPID"). The following fees are for two optional FINRA ADDS services: ADF Reporting Facility Data Delivery Plus and ADF Reporting Facility Data Delivery Secure File Transfer Protocol.
(1) ADF Reporting Facility Data Delivery Plus Fee
The ADF Reporting Facility Data Delivery Plus fee is charged per month to an MPID that is a subscriber for ADF Reporting Facility Data Delivery Plus reports ("Plus reports") provided in response to requests by the MPID. (Plus reports do not include a report in response to a request for an ADF Reporting Facility trade journal file for a specified date, if the specified date is within 3 business days of the date of the request; such reports are provided to an MPID at no charge.) The fee is based on the number of Plus reports the subscriber receives in a month as follows:
|0–5 Plus Reports Received per Month||6–25 Plus Reports Received per Month||> 25 Plus Reports Received per Month|
(2) ADF Reporting Facility Data Delivery Secure File Transfer Protocol Fee
The ADF Reporting Facility Data Delivery Secure File Transfer Protocol ("ADF Reporting Facility Data Delivery SFTP") fees are charged to an MPID that is a subscriber and are:
(A) Set-Up Fee — a one-time fee of $250 per MPID that subscribes to the service; and
(B) Monthly Fee — a monthly fee of $200 per MPID that subscribes to the service.
Amended by SR-FINRA-2013-053 eff. Feb. 3, 2014.
Amended by SR-FINRA-2014-007 eff. Jan. 31, 2014.
Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
Amended by SR-NASD-2007-017 eff. Feb. 1, 2007.
Amended by SR-NASD-2003-09 eff. Jan. 30, 2003.
Adopted by SR-NASD-2002-97 eff. July 29, 2002.
Selected Notice: 08-57.