7720. Securities Lending and Transparency Engine (SLATE)

The following charges shall be paid by SLATE Participants for the use of the Securities Lending and Transparency Engine (“SLATE”):

System Fees	Loan Reporting Fees	Data Fees
SLATE Web Browser Access Fee – $25/month per user ID	Initial Covered Securities Loan – $0.07	Market Data: SLATE Loan-Level Data and Daily Loan Statistics – $3,000/month, except for qualifying Tax-Exempt Organizations. The data is enabled for unlimited internal use through any number of display applications.
	Loan Modification – $0.03	Market Data: SLATE Loan-Level Data and Daily Loan Statistics - Vendor Display Redistribution Fee – $10,000/month, except for qualifying Tax-Exempt Organizations. Bulk redistribution of data is not permitted.
	Cancel/Correct/Delete – $0.10	Market Data: SLATE Loan-Level Data and Daily Loan Statistics – $1,500/month for qualifying Tax-Exempt Organizations. The data is enabled for unlimited internal use. Bulk redistribution and unlimited external display of data is permitted with certain restrictions.
	Late Initial Covered Securities Loan/Late Loan Modification – $0.20	Historic SLATE Data: Set-Up Fee – a single fee of $2,000 for development and set-up to begin receiving Historic SLATE Data, except for qualifying Tax-Exempt Organizations.
		Historic SLATE Data: Set-Up Fee – a single fee of $1,000 for development and set-up to begin receiving Historic SLATE Data for qualifying Tax-Exempt Organizations.
		Historic SLATE Data: Fee – $5,000/calendar year, except for qualifying Tax-Exempt Organizations. The data is enabled for unlimited internal use through any number of display applications. Bulk redistribution of data is not permitted.
		Historic SLATE Data: Fee – $2,500/calendar year for qualifying Tax-Exempt Organizations. The data is enabled for unlimited internal use. Bulk redistribution and unlimited external display of data is permitted with certain restrictions.

(a) SLATE System Fee

A SLATE Participant may choose among the following options to report Covered Securities Loans to FINRA pursuant to the Rule 6500 Series: (1) the SLATE web browser ($25 per month per user ID); or (2) a third-party reporting intermediary (no charge).

(b) Covered Securities Loan Reporting Fees

Each Covered Securities Loan that is reportable to FINRA pursuant to the Rule 6500 Series is subject to the charges in this paragraph (b) and in the table above.

(1) Initial Covered Securities Loan Reporting Fee

A SLATE Participant shall be charged an Initial Covered Securities Loan Reporting Fee of $0.07 per Initial Covered Securities Loan report.

(2) Loan Modification Reporting Fee

A SLATE Participant shall be charged a Loan Modification Reporting Fee of $0.03 per Loan Modification report.

(3) Cancel, Correct, or Delete Fee

A SLATE Participant shall be charged a Cancel, Correct, or Delete Fee of $0.10 per canceled, corrected, or deleted Covered Securities Loan report.

(4) Late Fee

A SLATE Participant shall be charged a Late Fee of $0.20 per Initial Covered Securities Loan report or Loan Modification report that is not timely reported to SLATE as required pursuant to the Rule 6500 Series.

(c) Market Data - SLATE Loan-Level Data and Daily Loan Statistics

Recipients of the SLATE Loan-Level Data and Daily Loan Statistics product described herein shall be required to execute appropriate agreements with FINRA.

(1) Persons or Organizations Other Than Qualifying Tax-Exempt Organizations

(A) A fee of $3,000 per month will apply for daily receipt of the SLATE Loan-Level Data and Daily Loan Statistics, except for qualifying Tax-Exempt Organizations. The data is enabled for unlimited internal use through any number of display applications. This fee entitles use of such data in one or more of the following ways: internal operational and processing systems, internal monitoring and surveillance systems, internal price validation, internal portfolio valuation services, internal analytical programs leading to purchase/sale or other trading decisions, and other related activities, and the repackaging of market data for delivery and dissemination outside the organization, such as indices or other derivative products.*

(B) A vendor display redistribution fee of $10,000 per month will apply for the display of SLATE Loan-Level Data and Daily Loan Statistics through any number of external display applications. Bulk redistribution of SLATE Loan-Level Data and Daily Loan Statistics is not permitted.

(2) Qualifying Tax-Exempt Organizations

A fee of $1,500 per month will apply for daily receipt of the SLATE Loan-Level Data and Daily Loan Statistics. The data is enabled for unlimited internal use. A Tax-Exempt Organization qualifies to receive SLATE Loan-Level Data and Daily Loan Statistics under this paragraph (c)(2) if it does not redistribute such data in bulk, or it redistributes such data in bulk or otherwise (e.g., unlimited external display) at no charge solely to other Tax-Exempt Organizations that agree to be subject to the same restrictions.

(d) Historic SLATE Data

Recipients of the Historic SLATE Data product described herein shall be required to execute appropriate agreements with FINRA.

(1) Persons or Organizations Other Than Qualifying Tax-Exempt Organizations

(A) Set-Up Fee – a single fee of $2,000 will apply for development and set-up to begin receiving Historic SLATE Data.

(B) Data Fee – a fee of $5,000 per calendar year will apply for receipt of Historic SLATE Data, except for qualifying Tax-Exempt Organizations. The data is enabled for unlimited internal use through any number of display applications. These fees entitle use of such data in one or more of the following ways: internal operational and processing systems, internal monitoring and surveillance systems, internal price validation, internal portfolio valuation services, internal analytical programs leading to purchase/sale or other trading decisions, and other related activities, and the repackaging of market data for delivery and dissemination outside the organization, such as indices or other derivative products.*

(2) Qualifying Tax-Exempt Organizations

A Tax-Exempt Organization qualifies to receive Historic SLATE Data under this paragraph (d)(2) if it does not redistribute such data in bulk, or it redistributes such data in bulk or otherwise (e.g., unlimited external display) at no charge solely to other Tax-Exempt Organizations that agree to be subject to the same restrictions.

(A) Set-Up Fee – a single fee of $1,000 will apply to any qualifying Tax-Exempt Organization for development and set-up to begin receiving Historic SLATE Data.

(B) Data and Bulk Redistribution Fee – a fee of $2,500 per calendar year will apply to any qualifying Tax-Exempt Organization for receipt of Historic SLATE Data. Historic SLATE Data is enabled for unlimited internal use. Historic SLATE Data may be redistributed in bulk or otherwise (e.g., unlimited external display) by a qualifying Tax-Exempt Organization subject to the restrictions in paragraph (d)(2).

(e) Definitions

(1) “Historic SLATE Data” as used in Rule 7720 means SLATE Loan-Level Data and Daily Loan Statistics from the beginning of SLATE data reporting through the end of the most recent calendar year.

(2) “SLATE Loan-Level Data and Daily Loan Statistics” as used in Rule 7720 means the data described in Rule 6540(a) through (c).

(3) “Tax-Exempt Organization” as used in Rule 7720 means an organization that is described in Section 501(c) of the Internal Revenue Code (26 U.S.C. §501(c)) and has received recognition of the exemption from federal income taxes from the Internal Revenue Service.

(4) The following terms shall have the meanings set forth in FINRA Rule 6510: “Initial Covered Securities Loan,” “Loan Modification,” and “SLATE Participant.”

(5) The following terms shall have the meanings set forth in SEA Rule 10c-1a: “Covered Securities Loan” and “Reporting Agent.”

* Any derivative products shall not permit end users to determine underlying SLATE Loan-Level Data and Daily Loan Statistics.

Adopted by SR-FINRA-2024-020.