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Administrative Use if Real-time TRACE Information and Data

Real-time TRACE Information and Data accessed through an interrogation Device solely for administrative use is not fee liable if it satisfies FINRA's "Administrative Use" policy, set forth below.

Applicable to ALL Vendors:

  1. Any Device capable of accessing Real-time TRACE data and permissioned by Vendor for "Administrative Use" must be used for internal business purposes ONLY;
  2. Device(s) accessing the TRACE Information and Data for "Administrative Use" may NOT be used by anyone involved in securities transactions or to support trading of securities by or on behalf of customers;
  3. Upon request, Vendor must demonstrate its use satisfies the criteria of FINRA's Administrative Use policy during the on-site review(s) (periodic audits conducted by FINRA);
  4. In the event Vendor's use does not fall within the Administrative Use policy, Vendor will be liable for fees for such use in accordance with the Vendor Agreement.

Applicable to Market Data Retransmission Vendors ONLY:

  1. A Device is considered to be used for the purposes of "Administrative Use" if it is used solely and exclusively by personnel directly involved in sales and support of market data products.

Applicable to End User Firms ONLY:

  1. A Device is considered for "Administrative Use" under this policy if it is used by personnel in support of market data systems and the distribution of market data systems only;
  2. The total number of Devices that may be permissioned by an end user firm for "Administrative Use" may not exceed 5% of the total fee-liable users of real-time TRACE Information and Data as per the monthly usage report rounded up to the nearest whole number or a minimum of 5 Devices, whichever is greater.