TRACE Information and Data includes derived values which meet the criteria set forth below and are therefore fee-liable under FINRA Rule 7730. Derived data is fee-liable if:
- It represents an individual security; and
- Is made available, either internally or externally, in real-time; and
- The value is derived with TRACE as the, or one of the, primary input(s); and
- The derived value:
- Is such that a reasonably skilled user can arrive at the underlying disseminated transaction information OR
- Can be used as surrogate for TRACE transaction information.