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Federal Register / Vol. 86, No. 87 / Friday, May 7, 2021 / Notices Chicago the FINRA/Nasdaq TRF
Chicago collectively, the FINRA/
Nasdaq TRF. WorkXs infrastructure is designed to be more user-friendly than the current Workstation. For example, WorkX trade scan provides holistic search capabilities for all trade input fields, across one date or date ranges for successful and rejected trades with up to 10,000 results generated in the front end and 50,000 exportable results.
Currently, Workstation offers multiple scan types with limited search criteria and generates up to 2,000 results per scan. Additionally, WorkX revamps the user interface with a more modern design, upgraded data visualization and improved user experience. More specifically, WorkX improves trade entry by limiting manual customer entries, which eliminates data entry errors and replaces manual entries with automated processing. However, unlike Workstation, which currently provides searchable access to a members trades that are older than six months dating back to 2009, WorkX will provide query access to a members trades that are older than one year and dating back to no more than five years. The Exchange reduced the length of its historical data to improve WorkX system processing while maintaining compliance with record-keeping rules for accessible transaction data pursuant to the Act.8
Other than reducing the length of historical data, the new platform will not have any significant effect on the users usage of WorkX relative to Workstation.
InterACT, a surveillance tool that provides summaries of a subscribing members trade activity for the FINRA/
Nasdaq TRF, has been re-platformed and enhanced to become Nasdaq RealTime Stats, which includes enriched data visualization and drill through capabilities to scan trade activity details. Similar to InterACT, which is an add-on service available on Workstation, Real-Time Stats is an addon service that is available on WorkX.
Currently, the InterACT add-on service is utilized by members who are responsible for the accuracy and timeliness of trade reporting and compliance with FINRA rules. Because Real-Time Stats is intended for FINRA
trade reporting compliance, this 8 See 17 CFR 240.17a-1b requiring every national securities exchange, national securities association, registered clearing agency and the Municipal Securities Rulemaking Board to keep and preserve at least one copy of all documents, including all correspondence, memoranda, papers, books, notices, accounts, and other such records as shall be made or received by it in the course of its business as such and in the conduct of its selfregulatory activity, for a period of not less than five years.

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enhanced surveillance tool does not include trade-through summary counts.9
However, the Exchange will continue to provide trade-through summaries through its Nasdaq Regulation Reconnaissance Service Reg Recon, which provides participating subscribers with real-time surveillance alerts and market data to assist with their Regulation National Market System NMS compliance.10
Approximately 94% of firms with InterACT either also subscribe to Reg Recon or are not impacted by the elimination of trade-through summaries.
Additionally, Post-Trade Risk Management, an add-on service to Workstation sic, will be used by clearing firms in a similar fashion as Risk Managementas an add-on service to WorkX to monitor and control correspondent trading access on the Nasdaq Exchange and the FINRA/
Nasdaq TRF. The re-platformed product will not take away from user functionality and will improve the users experience by allowing the user to create more customizations to manage risk exposure.
The Exchange is proposing to amend Equity 7, Section 115 to add WorkX to the services related to the FINRA/
Nasdaq TRF. Currently, the Exchange assesses a fee of $525 per logon per month for the Workstation and $225 per month for the ACT Trade History service, which provides searchable access to a members trades that are older than six months dating back to 2009. However, WorkX will provide query access to a members trades older than one year and dating back to no more than five years. The Exchange reduced the length of the searchable historical data to improve WorkX
system processing while maintaining compliance with record-keeping rules for accessible transaction data pursuant to the Act. Nasdaq is proposing the same pricing structure for WorkX as it currently has for Workstation.11
The Exchange is also proposing to adopt Equity 7, Sections 116A and 149A to incorporate Post-Trade Risk Management and Real-Time Stats, respectively, into the Exchanges pricing schedule. Clearing brokers using PostTrade Risk Management will be assessed a charge of $0.030 per side per trade that is monitored by Post-Trade 9 InterACT, unlike Real-Time Stats, currently provides Regulation NMS trade-through summaries.
10 See Equity 7, Section 141 providing for Nasdaq Regulation Reconnaissance Service and setting forth the subscription fee.
11 Similar to the Workstation, WorkX customers will be subject to query charges pursuant to FINRA
Rule 7620A Other Fees Not Applicable to Retail Participants.

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Risk Management and a charge of $17.25 per month per correspondent executing broker monitored by PostTrade Risk Management, up to a maximum charge of $7,500 per month per correspondent executing broker.
Clearing brokers with less than 17,000
trades per month per correspondent executing broker and that fall below 50
total correspondents monitored during the month are assessed a monthly fee of $500 per correspondent executing broker monitored in lieu of the $0.030
per side per trade charge. These fees are the same as the fees currently assessed for Risk Management. Currently, InterACT is available for a subscription fee of $400 per month, per user, with a maximum fee of $2,400 per month, per member firm. Nasdaq Real-Time Stats, which will not include summaries of the total number of Regulation NMS
trade-throughs, will be assessed the same fees as InterACT. Other than reducing the length of historical data, the new platform will not take away from user functionality.
As Nasdaq rolls out these enhanced products,12 users will have the option of using both the current products and the re-platformed products for the first month of accessing the re-platformed products. Fees for the re-platformed products will be waived for the first month of usage. After the first month of service on each of the re-platformed products, a member firm will be expected to fully migrate to the new product and will be charged for any fees incurred for using the new products thereafter. Firms will have at least one year before the existing products are retired. Once all current participants have migrated to the new products, the Exchange will submit a future filing to retire the services and remove the Workstation, InterACT and Risk Management products from its fee schedule.
2. Statutory Basis The Exchange believes that its proposal is consistent with Section 6b of the Act,13 in general, and furthers the objectives of Sections 6b4 and 6b5
of the Act,14 in particular, in that it provides for the equitable allocation of reasonable dues, fees and other charges among members and issuers and other persons using any facility, and is not designed to permit unfair discrimination between customers, 12 WorkX and Real-Time Stats launched on April 12, 2021 and Post-Trade Risk Management will launch no later than Q3 2021. Nasdaq will publish an Equity Trade Alert at least 10 days prior to launching Post-Trade Risk Management.
13 15 U.S.C. 78fb.
14 15 U.S.C. 78fb4 and 5.

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