FINRA filed a proposed rule change with the SEC that would implement a fee schedule for member firms under the National Market System Plan Governing the Consolidated Audit Trail ("CAT").
FINRA's proposed rule would implement a bifurcated funding structure split between "Industry Members" (i.e., broker-dealers) and "Execution Venues" (i.e., registered exchanges and alternative trading systems). Industry Members would be subject to a tiered fee schedule based on "message traffic" (i.e., events reportable to the CAT). Execution Venues would be subject to a separate tiered fee schedule based on market share.
FINRA filed the proposed rule change to be effective immediately.
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