FINRA ADDS Optional Service Fees

Firms that choose to subscribe to either or both of the optional Data Delivery services will be assessed monthly charges. TRACE charges will appear in the firms' monthly TRACE bills, and ADF charges will be assessed in and ADF bill. The details of those charges are outlined below.

 

TRACE Data Delivery Plus Fee

 

FINRA assesses the TRACE Data Delivery Plus service fee per each MPID that the firm enrolls in the service. The firm's monthly fee is based on:

  1. the average number of transactions the MPID was a party to* per month over the prior calendar year, which is used to categorize the MPID in one of 4 tiers, and
  2. the number of "Plus" reports (reports for dates older than the most recent 30 calendar days) users at that MPID received during the month:

 

Tier Based on Average # of Transactions/Month MPID Subscriber was a Party To in the Prior Calendar Year0 – 5 Plus Reports Received/Month6 – 25 Plus Reports Received/Month> 25 Plus Reports Received/Month
Tier 1: 10,000+$60$80$100
Tier 2: 3,000 – 9,999$40$55$70
Tier 3: 500 - 2,999$20$30$40
Tier 4: < 500$10$15$20

 

*Note: The number of transactions the firm was a party to includes transactions the firm or an authorized third party on behalf of the firm reported, as well as transactions other firms reported listing the firm as the contra party. Tiers are not based solely on the number of transactions reported by the subscribing firm.

 

Once your MPID is assigned to a tier, it remains in that tier for the remainder of the calendar year. For instance, if a firm subscribes an MPID to the service in April 2014, the MPID's tier for 2014 will be assigned based on the number of transactions the firm was a party to in 2013. In 2015, if the MPID continues to subscribe to the service, it will be re-evaluated and assigned to a tier based on transactions in 2014.

 

A Plus report is a file containing a single date's data for a particular request type and file type. You may submit a single request that results in multiple files, and your billing rate for the month will be determined by the number of files you receive during the month, not by the number of requests submitted. For example, if on March 30, you request Corporate & Agency and Securitized Products Trades and Reject files for February 14 – February 15 and your firm was a party to at least 1 transaction and had at least 1 reject of each type on both dates, you will receive 8 files: corporate and agency trades file and rejects file for February14, securitized products trades file and rejects file for February 14, and another file of each type for February 15. Those transactions would place your firm in the 6 – 25 Plus Reports Received/Month range for the month of March.

 

Note: All Plus reports received by entitled users of the MPID will be included when calculating the firm's monthly fee.

 

Firms are only charged for files that are delivered to their users. If you request data for a date for which your firm was not a party to any transactions, you will not receive a report for that date, and the undelivered report will not be included in the MPID's monthly bill.

 

TRACE Data Delivery SFTP Fee

 

Firms that enroll in TRACE Data Delivery SFTP can establish an automated interface to retrieve the prior day's trade journal files on a daily basis. Firms that subscribe an MPID to access TRACE trade journal files via Secure File Transfer Protocol (SFTP) will be billed a one-time set-up fee of $250 per MPID subscribed, as well as a monthly fee of $200 per MPID.

 

Please see FINRA Rule 7730 for more information.

 

ADF Data Delivery Plus

Firms that subscribe to ADF Data Delivery Plus pay a monthly fee for each MPID enrolled in the optional service. The monthly charge is based on the number of Plus reports the firm received during that month:

 

0 – 5 Plus Reports Received

6 – 25 Plus Reports Received

> 25 Plus Reports Received

$60

$80

$100

 

ADF Data Delivery SFTP

Firms that subscribe to ADF Data Delivery SFTP pay a one-time set-up fee of $250, and a $200 monthly fee.

 

FINRA ADDS fees for ADF will be sent in a separate bill each month. For more information on the fees, see FINRA Rule 7510.

 

Questions regarding the Data Delivery Fees may be emailed to FINRA.