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  • Immediately Effective Rule Changes Pending SEC Notification

    • SR-FINRA-2017-016

      • 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.
        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-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.

    • SR-FINRA-2017-014

      • 6433. Minimum Quotation Size Requirements For OTC Equity Securities

        Every member entering quotations in any inter-dealer quotation system that permits quotation updates on a real-time basis must enter and honor those quotations for at least the minimum size defined in the table below. In this regard, it is the member's responsibility to determine the minimum size requirement applicable to its quotation. Depending on the price level of the quotation, a different minimum size can apply to each side of the market being quoted by the member in a given security.
        Price (Bid or Offer) Minimum Quote Size
        0.0001–0.0999 10,000
        0.10-0.1999 5,000
        0.20–0.5099 2,500
        0.51–0.9999 1,000
        1.00–174.99 100
        175.00+ 1


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

        .01 The amendments set forth in File No. SR-FINRA-2011-058 shall be in effect until December 8, 2017. If the pilot is not extended or approved as permanent by this date, the version of this Rule prior to SR-FINRA-2011-058 shall be in effect.

        Amended by SR-FINRA-2017-014 eff. June 9, 2017.
        Amended by SR-FINRA-2016-044 eff. Dec. 9, 2016.
        Amended by SR-FINRA-2016-016 eff. June 10, 2016.
        Amended by SR-FINRA-2015-051 eff. Dec. 11, 2015.
        Amended by SR-FINRA-2015-028 eff. Aug. 14, 2015.
        Amended by SR-FINRA-2015-010 eff. May 15, 2015.
        Amended by SR-FINRA-2015-002 eff. Jan. 29, 2015.
        Amended by SR-FINRA-2014-041 eff. Sept. 30, 2014.
        Amended by SR-FINRA-2013-049 eff. Nov. 5, 2013.
        Amended by SR-FINRA-2011-058 eff. Nov. 12, 2012.
        Amended by SR-FINRA-2009-054 eff. Feb. 11, 2011.
        Amended by SR-FINRA-2008-021 eff. Dec. 15, 2008.
        Renumbered from Rule 6750 and amended by SR-NASD-2005-087 eff. Aug. 1, 2006.
        Amended by SR-NASD-2000-17 eff. September 5, 2000.
        Amended by SR-NASD-99-32 eff. September 23, 1999.
        Adopted by SR-NASD-93-17 eff. Sept. 8, 1993.

        Selected Notices: 93-54, 08-57, 10-42, 12-37, 12-51.