Usage Reporting Policy
FINRA requires that all Vendors of TRACE market data submit Vendor and/or Subscriber Usage Reports ("Reports"), on a monthly basis. These Reports must list all Users of all Display Applications with the ability to access Real-Time TRACE Data, as well as Snapshot Data recipients, during the reporting period. Vendors must submit usage Reports for BTDS, ATDS and SPDS Real-time Professional users (as applicable). In the event an individual Display Application is accessible on multiple Devices (i.e. desktop, smartphone, tablet, etc.) that are used by only one natural person, such Display Application shall be considered a single Display Application for reporting and payment purposes. However, multiple Display Applications from different Retransmission Vendors are each individually fee liable, regardless of whether they run on the same Device.
Based on the Reports FINRA will generate an invoice by multiplying the number of Users per Display Application (BTDS, ATDS or SPDS) and the number of Users provided with Snapshot Data by the applicable fee. Unless FINRA has a valid re-sale certificate on file for the Vendor, the invoice will include state sales tax, where applicable. Payment of the invoice is due within 30 days of the date of the invoice. Interest at the rate of 1% per month on any outstanding balance shall be due from the date (30) days after the date of the invoice to the time that the amount(s) that are due have been received by FINRA. Reports are due by the 15th day of the following month for the preceding month (i.e., May 15th is the due date for April Report(s)).
FINRA Vendors are required to submit Report(s) to:
FINRA – TRACE Data Services
One Liberty Plaza, 52nd Fl.
New York, NY 10006
Telephone: (888) 507-3665
Fax: (212) 858-4083
Late and Revised Reporting Policy
Vendor is limited to a sixty (60) calendar day grace period in which to revise or correct its Reports to obtain credits. The grace period begins on the due date of the original Report, but is extended to the next business day if the last day of the grace period coincides with a market holiday or a weekend day. FINRA will not provide Vendor with credit for revisions or corrections to Reports received after the end of the grace period. "Revised" can include, but is not limited to, reclassification of Clients, reporting of usage under alternative pricing structures and correction of errors by Vendor. This does not in any way limit Vendor's liability to FINRA for underreporting usage.