Optional Service Fees for ORF and ORF Clearing
ORF Data Delivery Plus Fee
FINRA assesses the ORF Data Delivery Plus service fee per each MPID that the firm enrolls in the service. The firm's monthly fee is based on:
- the average number of transactions the MPID was a party to* per month over the prior calendar year, which is used to categorize the MPID in one of 4 tiers, and
- the number of "Plus" reports (reports for dates older than the most recent 3 business days) users at that MPID received during the month:
| Tier Based on Average # of Transactions/Month MPID Subscriber was a Party To in the Prior Calendar Year | 0 – 5 Plus Reports Received/Month | 6 – 25 Plus Reports Received/Month | > 25 Plus Reports Received/Month |
|---|---|---|---|
| Tier 1: 50,000+ | $60 | $80 | $100 |
| Tier 2: 10,000 – 49,999 | $40 | $55 | $70 |
| Tier 3: 1,000 – 9,999 | $20 | $30 | $40 |
| Tier 4: < 1000 | $10 | $15 | $20 |
*Note: The number of transactions the firm was a party to includes transactions the firm or an authorized third party on behalf of the firm reported, as well as transactions other firms reported listing the firm as the contra party. Tiers are not based solely on the number of transactions reported by the subscribing firm.
Once your MPID is assigned to a tier, it remains in that tier for the remainder of the calendar year. For instance, if a firm subscribes an MPID to the service in April 2015, the MPID's tier for 2015 will be assigned based on the number of transactions the firm was a party to in 2014. In 2016, if the MPID continues to subscribe to the service, it will be re-evaluated and assigned to a tier based on transactions in 2015
A Plus report is a file containing a single date's data for a particular request type and file type. You may submit a single request that results in multiple files, and your billing rate for the month will be determined by the number of files you receive during the month, not by the number of requests submitted. For example, if on March 30, you request ORF Trades and Reject files for February 14 – February 15 and your firm was a party to at least 1 transaction and had at least 1 reject of each type on both dates, you will receive 4 files: 1 trades file and 1 rejects file for February14, and 1 trades file and 1 rejects file for February 15. Those transactions would place your firm in the 0 - 5 Plus Reports Received/Month range for the month of March.
Note: All Plus reports received by entitled users of the MPID will be included when calculating the firm's monthly fee.
Firms are only charged for files that are delivered to their users. If you request data for a date for which your firm was not a party to any transactions, you will not receive a report for that date, and the undelivered report will not be included in the MPID's monthly bill.
ORF Data Delivery SFTP Fee
Firms that enroll in ORF Data Delivery SFTP can establish an automated interface to retrieve the prior day's trade journal files on a daily basis. Firms that subscribe an MPID to access ORF trade journal files via Secure File Transfer Protocol (SFTP) will be billed a one-time set-up fee of $250 per MPID subscribed, as well as a monthly fee of $200 per MPID.
ORF Clearing Data Delivery Plus Fee
FINRA assesses the ORF Clearing Data Delivery Plus service fee per each clearing number that the clearing firm enrolls in the service. The firm's monthly fee per clearing number is $150.
ORF Clearing Data Delivery SFTP Fee
Firms that enroll in ORF Clearing Data Delivery SFTP can establish an automated interface to retrieve the prior day's trade journal files on a daily basis. Firms that subscribe a clearing number to access ORF clearing trade journal files via Secure File Transfer Protocol (SFTP) will be billed a one-time set-up fee of $250 per clearing number subscribed, as well as a monthly fee of $300 per clearing number.
Please see the future effective version of FINRA Rule 7710 for more information.