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ARTICLE · 22 OCTOBER 2019

Federal Register: FINRA Changes Method For Calculating Trade Reporting Fees

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The FINRA proposal updating the method for calculating trade reporting fees under FINRA Rule 7620B for broker-dealers using the FINRA/NYSE Trade Reporting Facility (the "FINRA/NYSE TRF")

United StatesFinance and Banking
Hogan Lovells Cadwalader
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The FINRA proposal updating the method for calculating trade reporting fees under FINRA Rule 7620B for broker-dealers using the FINRA/NYSE Trade Reporting Facility (the "FINRA/NYSE TRF") was published in the Federal Register.

As previously covered, the revised monthly fees for use of the FINRA/NYSE TRF will be based on the volume of OTC trades that a broker-dealer reports to the FINRA/NYSE TRF - not, as it is currently, on the broker-dealer's total OTC trading activity (that is not limited to OTC trades reported to the FINRA/NYSE TRF). In addition, the revised fee structure will increase the number of fee tiers from four to nine to reflect more closely a broker-dealer's use of the FINRA/NYSE TRF in any given month.

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