Federal Register: FINRA Proposes Changes to Schedule of Securities Transaction Credits for FINRA/Nasdaq TRFs

The FINRA proposal amending the schedule of securities transaction credits for FINRA/Nasdaq Trade Reporting Facilities ("TRFs") was published in the Federal Register. Comments must be submitted by January 8, 2020.

As previously covered, the proposal would amend Rule 7610A ("Securities Transaction Credit") to modify the schedule of securities transaction credits applicable to both the FINRA/Nasdaq Trade Reporting Facility Carteret and the FINRA/Nasdaq Trade Reporting Facility Chicago to be more competitive with the other FINRA TRFs. FINRA Rule 7610A enables FINRA members reporting over-the-counter trades in NMS stocks to the FINRA/Nasdaq TRFs to qualify for revenue-sharing payments, paid on a quarterly basis in the form of transaction credits, based on transactions attributable to the FINRA/Nasdaq TRFs.