Derived Data

TRACE Information and Data includes derived values which meet the criteria set forth below and are therefore fee-liable under FINRA Rule 7730. Derived data is fee-liable if:

1. It represents an individual security; and
2. Is made available, either internally or externally, in real-time; and
3. The value is derived with TRACE as the, or one of the, primary input(s); and
4. The derived value:
   1. Is such that a reasonably skilled user can arrive at the underlying disseminated transaction information OR
   2. Can be used as surrogate for TRACE transaction information.