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NYSE Pillar Binary Gateway Specification
Production Order Entry/Drop Copy Session Request Form*
*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.
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 shares represented by trades reported by a FINRA member to the FINRA/NYSE Trade Reporting Facility during a given calendar quarter by the total number of shares represented by all trades reported to the Consolidated Tape Association or the Nasdaq Securities Information Processor, as applicable, during that quarter. Market Share is calculated separately for each tape.
| 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% | 95% |
| Greater than or equal to 0.1% but less than 0.5% | 85% |
| Less than 0.1% | 0% |
Under the FINRA Rule 7600B Series, for each FINRA/NYSE TRF® participant, the monthly fee is based on the FINRA/NYSE TRF® participant's number of tape eligible trade reports reported to the FINRA/NYSE TRF® during a given calendar month (“Tape Eligible Trade Reports”).
| Tape Eligible Trade Reports | Monthly Participant Fee |
|---|---|
| Greater than or equal to 20 million reports | $50,000 |
| Greater than or equal to 15 million reports but less than 20 million reports | $47,500 |
| Greater than or equal to 10 million reports but less than 15 million reports | $45,000 |
| Greater than or equal to 7.5 million reports but less than 10 million reports | $40,000 |
| Greater than or equal to 5 million reports but less than 7.5 million reports | $35,000 |
| Greater than or equal to 4 million reports but less than 5 million reports | $30,000 |
| Greater than or equal to 3 million reports but less than 4 million reports | $25,000 |
| Greater than or equal to 2 million reports but less than 3 million reports | $20,000 |
| Greater than or equal to 1,500,000 reports but less than 2 million reports | $15,000 |
| Greater than or equal to 1,250,000 reports but less than 1,500,000 reports | $10,000 |
| Greater than or equal to 1 million reports but less than 1,250,000 reports | $7,000 |
| Greater than or equal to 750,000 reports but less than 1 million reports | $5,000 |
| Greater than or equal to 500,000 reports but less than 750,000 reports | $4,000 |
| Greater than or equal to 250,000 reports but less than 500,000 reports | $3,000 |
| Greater than or equal to 100,000 reports but less than 250,000 reports | $2,500 |
| Greater than or equal to 5,000 reports but less than 100,000 reports | $1,500 |
| Greater than or equal to 1 report but less than 5,000 reports | $1,000 |
| No trade reports | $ 2,000 |
The monthly fees paid by FINRA/NYSE TRF® participants include unlimited use of the NYSE TRF Portal, End of Day Journal and Drop Copy as well as full access to the FINRA/NYSE TRF® and supporting functionality, e.g., trade submission, reversals and cancellations.
The FINRA/NYSE TRF® does not charge port fees.
FINRA/NYSE Trade Reporting Facility® Participant Application Agreement
FINRA/NYSE Trade Reporting Facility® Contra Participant Service Agreement
FINRA/NYSE TRF Portal User Agreement
FINRA/NYSE TRF® Subscriber Service Agreement for Retail Participants
FINRA/NYSE TRF® Retail Participant Annual Certification
*You may use the Production Session Request Form to request removal of sessions.
NYSE, NYSE American, and NYSE Arca Routing Policy
NYSE Symbols and Trading Units
Beginning in February 2025 for the January billing cycle, Direct Debit via DTCC (“Direct Debit”) is the default payment method for Section 31 Fees.
The Exchange will send monthly electronic invoices, generally by the fifth business day of each month, for fees generated in the prior month.
The Exchange will subsequently initiate the debit of any fees due to the Exchange for the prior month on or about the 15th day of the month.
Firms can dispute an invoice in writing by the 15th of the month or the following business day if the 15th is not a business day. If the disputed amount is $10,000 or greater, the Exchange will not include the disputed amount in the debit pending resolution of the dispute.
Firms may opt out of Direct Debit by completing this form and returning it to [email protected].
Firms with multiple MPIDs must contact [email protected] to establish a default billing MPID and associated DTCC number, from which firm level fees will be collected.