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UTP Direct API Notes: Routing to Broker Booth Systems and NYSE Arca is currently unavailable through the UTP Direct API.
*You may also use the Production Session Request form to request removal of sessions.
The FINRA/NYSE Trade Reporting Facility® (TRF®) provides an automated, convenient and low-cost way to report your off-exchange trades in NYSE, NYSE American, NYSE Arca and NASDAQ listed securities. The TRF is available to all FINRA member organizations that have a signed FINRA/NYSE TRF Subscriber Services Agreement.
This fully interactive and secure web-based Client Management Tool (CMT) is available for input and management of trades on the FINRA/NYSE TRF. The CMT is a multi-functional tool that provides easy order entry, a summary dashboard, reporting tools and clearing functionality for TRF reports. Its highly intuitive interface is built on the same architecture as ArcaVision and the NYSE Arca Equities CMT. You can use your existing Arca CMT logon.
All trades reported to the FINRA/NYSE TRF must comply with FINRA trade reporting rules and guidance, the federal securities laws, including SEC Reg. NMS rules and all other applicable rules and regulations. The compliance dashboard and reporting tools include user defined tracking and alerts as well as a downloadable audit trail.
The FINRA/NYSE TRF offers users the option to have clearing submitted for them to DTCC via QSR or AGU.
The table below provides the consolidated tape market data revenue sharing percentages based on market share reported by a member to the FINRA/NYSE TRF during a given calendar quarter. For purposes of Rule 7610B, a member’s “Market Share” is the percentage calculated by dividing the total number of trades (applicable to the relevant tape) reported by the member to the FINRA/NYSE TRF during a given calendar quarter by the total number of all trades reported to the CTA or UTP SIP (applicable to the relevant tape) during that quarter.
|Market Share Reported to the FINRA/NYSE TRF in Tape A, B or C||Percentage of Market Data Revenue Shared in Tape A, B or C|
|Greater than or equal to 2.0%||100%|
Greater than or equal to 0.5% but less than 2.0%
Greater than or equal to 0.1% but less than 0.5%
Less than 0.1%
The table below provides the tiered monthly participant fee structure. The monthly fee is based on the participant's "FINRA/NYSE TRF Market Share", defined as the percentage calculated by dividing (a) the total number of shares reported to the FINRA/NYSE TRF for public dissemination (or "tape") purposes during a given calendar month that are attributable to a FINRA/NYSE TRF participant, by (b) the total number of all shares reported to the CTA or UTP SIP, as applicable, during that period.
The FINRA/NYSE TRF does not charge for ports, trade reports, client management tool use or invoice contra parties with any charges.
Retail Participants have no monthly fee.*
The following chart shows the monthly fee tiers for Participants that are not Retail Participants:
|FINRA/NYSE TRF Market Share||Count of Tape Reports to FINRA/NYSE TRF||Monthly Participant Fee|
|Greaterthan or equal to 1.25%||More than 25,000 trade reports||$30,000|
|Greater thanor equal to 1.00% but less than 1.25%||More than 25,000 trade reports||$25,000|
|Greater thanor equal to 0.75% but less than 1.00%||More than 25,000 trade reports||$20,000|
|Greater thanor equal to 0.50% but less than 0.75%||More than 25,000 trade reports||$15,000|
|Greaterthan or equal to 0.25% but less than 0.50%||More than 25,000 trade reports||$10,000|
|Greaterthan or equal to 0.20% but less than 0.25%||More than 25,000 trade reports||$7,500|
|Greaterthan or equal to 0.10% but less than 0.20%||More than 25,000 trade reports||$5,000|
|Lessthan 0.10%||More than 25,000 trade reports||$2,000|
|n/a||Between 15,001 and 25,000 trade reports||$2,000|
|n/a||Between 5,001 and 15,000 trade reports||$1,000|
|n/a||Between 101 and 5,000 trade reports||$750|
|n/a||Between 1 and 100 trade reports||$250|
|n/a||No trade reports||$2,000|
* A Participant is a “Retail Participant” if substantially all of its trade reporting activity on the FINRA/NYSE TRF comprises Retail Orders. In turn, a “Retail Order” is an order that originates from a natural person, provided that, prior to submission, no change is made to the terms of the order with respect to price or side of market and the order does not originate from a trading algorithm or any other computerized methodology. To become a Retail Participant, a Participant must complete and submit an application form and a written attestation of its qualifications as a Retail Participant to the FINRA/NYSE TRF and be approved by NYSE.
FINRA/NYSE TRF® Subscriber Service Agreement
FINRA/NYSE TRF® Subscriber Service Agreement for Retail Participants
Client Management Tool User Agreement for FINRA/NYSE TRF®
FINRA/NYSE TRF® Retail Participant Annual Certification
Retail Liquidity Program
NYSE Open and Closing Auctions
Parity and Priority
Supplemental Liquidity Providers
Designated Market Makers
Algorithms for NYSE Floor Brokers
Trade Reporting Modifiers for Reg NMS