Tuesday, February 11, 2020

Equity Trader Alert #2020 - 8
Nasdaq Test Facility Billing Update


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Nasdaq Test Facility Billing Update - FINRA TRACE, ORF and ADF

Nasdaq has recently uncovered a billing oversight relating to metered testing fees for use of the Nasdaq Test Facility (NTF). Although all FIX activity in the NTF is billable under Nasdaq's rules (to test ACES, the FINRA/Nasdaq TRFs, TRACE, ORF, & ADF), Nasdaq has not, in fact, billed any of its customers for FIX activity relating to the testing of TRACE, ORF, or the ADF. Now that Nasdaq has detected this oversight, Nasdaq will commence billing for FIX all activity that occurs on the NTF, including FIX activity relating to TRACE, ORF, & ADF testing. It will commence such billing on February 27, 2020. The testing activity fees will appear on the invoice dated April 10, 2020.

Nasdaq will allow customers to re-register for fee waivers associated with FIX activity relating to testing of TRACE, ORF, & ADF. Clients and Service Bureaus may conduct FIX activity to test TRACE, ORF, & ADF free of charge in NTF for 30 calendar days, so long as they register with Nasdaq. A fee waiver request must be sent to NTFbilling@nasdaq.com prior to testing. Once a client or Service Bureau informs the Nasdaq test team they are starting testing, the free period will begin and cannot be interrupted. After the 30-day period ends, normal NTF fees will apply for anyone connecting and testing.

If you have any questions please direct them to NTFBilling@nasdaq.com

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Nasdaq (Nasdaq: NDAQ) is a leading global provider of trading, clearing, exchange technology, listing, information and public company services. Through its diverse portfolio of solutions, Nasdaq enables customers to plan, optimize and execute their business vision with confidence, using proven technologies that provide transparency and insight for navigating today's global capital markets. As the creator of the world's first electronic stock market, its technology powers more than 90 marketplaces in 50 countries, and 1 in 10 of the world's securities transactions. Nasdaq is home to approximately 3,900 total listings with a market value of approximately $13 trillion. To learn more, visit: business.nasdaq.com.