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Options 7 Pricing Schedule
Section 1. General Provisions

(a) Removal of Days for Purposes of Pricing Tiers:

(1) (A) Any day that the Exchange announces in advance that it will not be open for trading will be excluded from the options tier calculations set forth in its Pricing Schedule; and (B) any day with a scheduled early market close ("Scheduled Early Close") may be excluded from the options tier calculations only pursuant to paragraph (3) below.

(2) The Exchange may exclude the following days ("Unanticipated Events") from the options tier calculations only pursuant to paragraph (3) below, specifically any day that: (A) the market is not open for the entire trading day, (B) the Exchange instructs members in writing to route their orders to other markets, (C) the Exchange is inaccessible to members during the 30-minute period before the opening of trade due to an Exchange system disruption, or (D) the Exchange's system experiences a disruption that lasts for more than 60 minutes during regular trading hours.

(3) If a day is to be excluded as a result of paragraph (1)(B) or (2) above, the Exchange will exclude the day from any member's monthly options tier calculations as follows:

(A) the Exchange may exclude from the ADV calculation any Scheduled Early Close or Unanticipated Event; and

(B) the Exchange may exclude from any other applicable options tier calculation provided for in its Pricing Schedule (together with (3)(A), "Tier Calculations") any Scheduled Early Close or Unanticipated Event.

provided, in each case, that the Exchange will only remove the day for members that would have a lower Tier Calculation with the day included.

(b) All fee disputes concerning fees which are billed by the Exchange must be submitted to the Exchange in writing and must be accompanied by supporting documentation. All fee disputes must be submitted no later than sixty calendar (60) days after receipt of a billing invoice.

(c) For purposes of assessing fees, the following references should serve as guidance. Terms not defined in this Pricing Schedule shall have the meaning ascribed to them under Nasdaq MRX Rules. Fees and rebates are listed per contract per leg unless otherwise noted.

A "Priority Customer" is a person or entity that is not a broker/dealer in securities, and does not place more than 390 orders in listed options per day on average during a calendar month for its own beneficial account(s), as defined in Nasdaq MRX Options 1, Section 1(a)(36). Unless otherwise noted, when used in this Pricing Schedule the term "Priority Customer" includes "Retail" as defined below.

A "Professional Customer" is a person or entity that is not a broker/dealer and is not a Priority Customer.

A "Market Maker" is a market maker as defined in Nasdaq MRX Rule Options 1, Section 1(a)(21).

A "Non-Nasdaq MRX Market Maker" is a market maker as defined in Section 3(a)(38) of the Securities Exchange Act of 1934, as amended, registered in the same options class on another options exchange.

A "Firm Proprietary" order is an order submitted by a Member for its own proprietary account.

A "Broker-Dealer" order is an order submitted by a Member for a broker-dealer account that is not its own proprietary account.

An "Affiliated Entity" is a relationship between an Appointed Market Maker and an Appointed OFP for purposes of qualifying for certain pricing specified in the Pricing Schedule. Market Makers and OFPs are required to send an email to the Exchange to appoint their counterpart, at least 3 business days prior to the last day of the month to qualify for the next month. The Exchange will acknowledge receipt of the emails and specify the date the Affiliated Entity is eligible for applicable pricing, as specified in the Pricing Schedule. Each Affiliated Entity relationship will commence on the 1st of a month and may not be terminated prior to the end of any month. An Affiliated Entity relationship will terminate after a one (1) year period, unless either party terminates earlier in writing by sending an email to the Exchange at least 3 business days prior to the last day of the month to terminate for the next month. Affiliated Entity relationships must be renewed annually by each party sending an email to the Exchange. Affiliated Members may not qualify as a counterparty comprising an Affiliated Entity. Each Member may qualify for only one (1) Affiliated Entity relationship at any given time.

An "Affiliated Member" is a Member that shares at least 75% common ownership with a particular Member as reflected on the Member's Form BD, Schedule A.

An "Appointed Market Maker" is a Market Maker who has been appointed by an OFP for purposes of qualifying as an Affiliated Entity.

An "Appointed OFP" is an OFP who has been appointed by a Market Maker for purposes of qualifying as an Affiliated Entity.

An "Order Flow Provider" ("OFP") is any Member, other than a Market Maker, that submits orders, as agent or principal, to the Exchange.

A "Retail" order is a Priority Customer order that originates from a natural person, provided that no change is made to the terms of the order with respect to price or side of market and the order does not originate from a trading algorithm or any other computerized methodology.

A "Flash Order" is an order that is exposed at the National Best Bid or Offer by the Exchange to all Members for execution, as provided under Supplementary Material .02 to Nasdaq MRX Options 5, Section 2. For all Flash Orders, the Exchange will charge the applicable taker fee and for responses that trade against a Flash Order, the Exchange will charge the applicable maker fee.

A "Regular Order" is an order that consists of only a single option series and is not submitted with a stock leg.

A "Crossing Order" is an order executed in the Exchange's Facilitation Mechanism, Solicited Order Mechanism, Price Improvement Mechanism ("PIM") or submitted as a Qualified Contingent Cross order. For purposes of this Pricing Schedule, orders executed in the Block Order Mechanism are also considered Crossing Orders.

A "Complex Order" is any order involving the simultaneous purchase and/or sale of two or more different options series in the same underlying security, as provided in Nasdaq MRX Options 3, Section 14, as well as Stock-Option Orders.

"Responses to Crossing Order" is any contra-side interest (i.e., orders & quotes) submitted after the commencement of an auction in the Exchange's Facilitation Mechanism, Solicited Order Mechanism, Block Order Mechanism or Price Improvement Mechanism.

"Penny Symbols" are options overlying all symbols listed on Nasdaq MRX that are in the Penny Interval Program.

"Non-Penny Symbols" are options overlying all symbols excluding Penny Symbols.

"Customer Total Consolidated Volume" means the total volume cleared at The Options Clearing Corporation in the Customer range in equity and ETF options in that month.

[Adopted August 31, 2018 (SR-MRX-2018-27); amended December 21, 2018 (SR-MRX-2018-42); amended January 31, 2019 (SR-MRX-2019-02), operative February 1, 2019; amended June 12, 2019 (SR-MRX-2019-12); amended June 24, 2019 (SR-MRX-2019-14); amended June 5, 2019 (SR-MRX-2019-11), operative July 5, 2019; amended July 8, 2019 (SR-MRX-2019-15); amended Dec. 9, 2019 (SR-MRX-2019-25); amended July 1, 2020 (SR-MRX-2020-14); amended Nov. 2, 2020 (SR-MRX-2020-19); amended Nov. 6, 2020 (SR-MRX-2020-21.]

Section 2. Collection of Exchange Fees and Other Claims

(a) Each Member, and all applicants for registration as such shall be required to provide a clearing account number for an account at the National Securities Clearing Corporation ("NSCC") for purposes of permitting the Exchange to debit any undisputed or final fees, fines, charges and/or other monetary sanctions or other monies due and owing to the Exchange or other charges related to General 2, Section 2; provided, however, that the fees set forth in Section 7 (Market Data) of the Exchange's Pricing Schedule shall be excluded from this Rule. If a Member disputes an invoice, the Exchange will not include the disputed amount in the debit if the Member has disputed the amount in writing to the Exchange's designated staff by the 15th of the month, or the following business day if the 15th is not a business day, and the amount in dispute is at least $10,000 or greater.

[Adopted August 31, 2018 (SR-MRX-2018-27); amended July 8, 2019 (SR-MRX-2019-15).]

Section 3. Regular Order Fees and Rebates
Table 1

 

 

 

 

 

Penny Symbols

Market Participant

Maker Fee
Tier 1

Maker Fee
Tier 2

Taker Fee
Tier 1

Taker Fee
Tier 2

Market Maker(1)

$0.20

$0.10

$0.50(2)

$0.50(2)

Non-Nasdaq MRX Market Maker (FarMM)

$0.47

$0.47

$0.50

$0.50

Firm Proprietary / Broker-Dealer

$0.47

$0.47

$0.50

$0.50

Professional Customer

$0.47

$0.47

$0.50

$0.50

Priority Customer

$0.00

$0.00

$0.00

$0.00

 

 

 

 

 

Non-Penny Symbols

Market Participant

Maker Fee
Tier 1

Maker Fee
Tier 2

Taker Fee
Tier 1

Taker Fee
Tier 2

Market Maker(1)

$0.20

$0.10

$1.10(3)

$1.10(3)

Non-Nasdaq MRX Market Maker (FarMM)

$0.90

$0.90

$1.10

$1.10

Firm Proprietary / Broker-Dealer

$0.90

$0.90

$1.10

$1.10

Professional Customer

$0.90

$0.90

$1.10

$1.10

Priority Customer

$0.00

$0.00

$0.00

$0.00

1. This fee also applies to Market Maker orders sent to the Exchange by Electronic Access Members.

2. A Taker Fee of $0.20 per contract applies instead when trading with Priority Customer orders in Penny Symbols entered by an Affiliated Member or Affiliated Entity. A Taker Fee of $0.10 per contract applies instead when trading with Priority Customer orders in Penny Symbols entered by an Affiliated Member or Affiliated Entity if the Member has a Total Affiliated Member or Affiliated Entity Priority Customer ADV of 0.20% to less than 0.75% Customer Total Consolidated Volume. A Taker Fee of $0.00 per contract applies instead when trading with Priority Customer orders in Penny Symbols entered by an Affiliated Member or Affiliated Entity if the Member has a Total Affiliated Member or Affiliated Entity Priority Customer ADV of 0.75% Customer Total Consolidated Volume or more.

3. A Taker Fee of $0.90 per contract applies instead when trading with Priority Customer orders in Non-Penny Symbols entered by an Affiliated Member or Affiliated Entity. A Taker Fee of $0.50 per contract applies instead when trading with Priority Customer orders in Non-Penny Symbols entered by an Affiliated Member or Affiliated Entity if the Member has a Total Affiliated Member or Affiliated Entity Priority Customer ADV of 0.20% to less than 0.75% Customer Total Consolidated Volume. A Taker Fee of $0.20 per contract applies instead when trading with Priority Customer orders in Non-Penny Symbols entered by an Affiliated Member or Affiliated Entity if the Member has a Total Affiliated Member or Affiliated Entity Priority Customer ADV of 0.75% Customer Total Consolidated Volume or more.

Table 2

 

 

 

Penny Symbols

Market Participant

Fee for Crossing Orders(1)

Fee for Responses to Crossing Orders

Market Maker(4)

$0.20

$0.50

Non-Nasdaq MRX Market Maker (FarMM)

$0.20

$0.50

Firm Proprietary / Broker-Dealer

$0.20

$0.50

Professional Customer

$0.20

$0.50

Priority Customer

$0.00

$0.50

 

 

 

Non-Penny Symbols

Market Participant

Fee for Crossing Orders(1)

Fee for Responses to Crossing Orders

Market Maker(4)

$0.20

$1.10

Non-Nasdaq MRX Market Maker (FarMM)

$0.20

$1.10

Firm Proprietary / Broker-Dealer

$0.20

$1.10

Professional Customer

$0.20

$1.10

Priority Customer

$0.00

$1.10

1. Fees apply to the originating and contra-side orders, except for PIM Orders. Regular PIM Orders are subject to separate pricing in Part A below

2. Reserved.

3. Reserved.

4. This fee also applies to Market Maker orders sent to the Exchange by Electronic Access Members.

Table 3

Qualifying Tier Thresholds

 

 

Tiers

Total Affiliated Member
or Affiliated Entity ADV

Tier 1

executes 0.00% - 0.7499% of Customer Total Consolidated Volume

Tier 2

executes 0.75% or more of Customer Total Consolidated Volume

• The highest tier threshold attained applies retroactively in a given month to all eligible traded contracts and applies to all eligible market participants.

• Total Affiliated Member or Affiliated Entity Priority Customer ADV means all Priority Customer ADV executed on the Exchange in all symbols and order types, including volume executed by Affiliated Members or Affiliated Entities, which will be aggregated with the Member's volume in the manner described below.

• Total Affiliated Member or Affiliated Entity ADV means all ADV executed on the Exchange in all symbols and order types, including volume executed by Affiliated Members or Affiliated Entities, which will be aggregated with the Member's volume in the manner described below.

• All eligible volume from Affiliated Members or an Affiliated Entity will be aggregated in determining applicable tiers.

A. PIM Pricing for Regular and Complex Orders

 

 

 

 

 

Penny Symbols

Market Participant

Fee for PIM Originating Orders

Fee for PIM Contra-Side Orders

Fee for Responses to PIM Orders

Break-up Rebate(2)(3)

Market Maker(4)

$0.20

$0.02

$0.50

N/A

Non-Nasdaq MRX Market Maker (FarMM)

$0.20

$0.02

$0.50

N/A

Firm Proprietary / Broker-Dealer

$0.20

$0.02

$0.50

N/A

Professional Customer

$0.20

$0.02

$0.50

N/A

Priority Customer

$0.00

$0.02

$0.50

($0.25)

 

 

 

 

 

Non-Penny Symbols

Market Participant

Fee for PIM Originating Orders

Fee for PIM Contra-Side Orders

Fee for Responses to PIM Orders

Break-up Rebate(2)(3)

Market Maker(4)

$0.20

$0.02

$1.10

N/A

Non-Nasdaq MRX Market Maker (FarMM)

$0.20

$0.02

$1.10

N/A

Firm Proprietary / Broker-Dealer

$0.20

$0.02

$1.10

N/A

Professional Customer

$0.20

$0.02

$1.10

N/A

Priority Customer

$0.00

$0.02

$1.10

($0.60)

1. Reserved.

2. Break-up Rebates apply only to Regular PIM Orders of 500 or fewer contracts and to Complex PIM Orders where the largest leg is 500 or fewer contracts.

3. Break-up Rebates are provided for an originating Priority Customer PIM Order that executes with any response (order or quote) other than the PIM contra-side order. Members that are not in an Affiliated Member or Affiliated Entity relationship and that execute 0.05% or greater of Customer Total Consolidated Volume in non-PIM Priority Customer contracts within a month will receive an additional rebate of: (i) $0.20 per contract in Penny Symbols for Complex PIM Orders only, (ii) $0.15 per contract in Penny Symbols for Regular PIM Orders only, and (iii) $0.45 per contract in Non-Penny Symbols for both Regular and Complex PIM Orders. Alternatively, Affiliated Members or Affiliated Entities will be eligible to receive the rebates in this note 3 without any additional volume requirements. The Exchange will provide the rebate to the OFP arm of an Affiliated Member relationship, or the Appointed OFP arm of an Affiliated Entity relationship.

4. This fee also applies to Market Maker orders sent to the Exchange by Electronic Access Members.

[Adopted August 31, 2018 (SR-MRX-2018-27); amended December 21, 2018 (SR-MRX-2018-42); amended January 31, 2019 (SR-MRX-2019-02), operative February 1, 2019; amended February 29, 2019 (SR-MRX-2019-04), operative March 1, 2019; amended March 7, 2019 (SR-MRX-2019-05); amended June 5, 2019 (SR-MRX-2019-11), operative July 5, 2019; amended Jan. 2, 2020 (SR-MRX-2020-01); amended Jan. 13, 2020 (SR-MRX-2020-02); amended June 1, 2020 (SR-MRX-2020-11); amended Nov. 2, 2020 (SR-MRX-2020-19); amended Nov. 2, 2020 (SR-MRX-2020-20); amended Nov. 6, 2020 (SR-MRX-2020-21; amended Nov. 13, 2020 (SR-MRX-2020-18).]

Section 4. Complex Order Fees

The following Complex Order fees will be assessed for Complex Order transactions in the Complex Order Book as well as Complex Orders submitted into the Complex Facilitation Mechanism, Complex Solicited Order Mechanism, Complex Price Improvement Mechanism ("PIM") or an order submitted as a Complex Customer Cross Order, Complex Qualified Contingent Cross ("QCC") Order or a Complex QCC with Stock Order. Fees apply to an originating order, contra-side order and responses entered into MRX's Complex Facilitation Mechanism, Complex Solicited Order Mechanism, Complex PIM and orders entered as a Complex Customer Cross Order, Complex QCC Order or Complex QCC with Stock Order.(1) Interest on the Regular Order Book that interacts with a Complex Order is subject to Regular Order Book fees within Options 7, Section 3. Complex PIM Orders are subject to separate pricing in Options 7, Section 3.A.

 

 

Capacity of Market Participant

Fee per contract

Market Maker

$0.15(2)

Non-Nasdaq MRX Market Maker (FarMM)

$0.15

Firm Proprietary / Broker-Dealer

$0.15

Professional Customer

$0.15

Priority Customer

$0.00

(1) MRX will assess a Stock Handling Fee of $0.0010 per share (capped at a maximum of $50 per trade) for the stock leg of Stock-Option Orders executed against other Stock- Option Orders in the Complex Order Book. This fee will be in addition to the above-referenced fees for Complex Orders.

(2) A Complex Order Market Maker fee of $0.00 per contract applies instead of the above-referenced $0.15 per contract Complex Order fee, when the Market Maker trades against Priority Customer orders that originate from an Affiliated Member or an Affiliated Entity.

[Adopted June 12, 2019 (SR-MRX-2019-12); amended June 24, 2019 (SR-MRX-2019-14); amended June 1, 2020 (SR-MRX-2020-11); amended Nov. 6, 2020 (SR-MRX-2020-21.]

Section 5. Other Options Fees and Rebates

A. Route-Out Fees 1.

 

 

 

Market Participant

Penny Symbols

Non-Penny Symbols

All Market Participants

$0.55

$1.09

1. Fee applies to executions of orders that are routed to one or more exchanges in connection with the Options Order Protection and Locked/Crossed Market Plan.

B. Marketing Fee

 

 

 

Market Participant

Penny Symbols

Non-Penny Symbols

Market Maker

$0.25

$0.70

» Marketing fees apply to Market Makers for each Regular Priority Customer contract executed except as noted below.

» Marketing fees are waived for Flash Order responses.

» Marketing fees are waived for Market Maker orders that take liquidity from the order book.

» Marketing fees are waived for Crossing Orders and Responses to Crossing Orders.

» Marketing fees are waived for Complex Orders.

» The marketing fee will be rebated proportionately to the Members that paid the fee such that on a monthly basis the marketing fee fund balance administered by a Primary Market Maker for a Group of options established under Rule 802(b) does not exceed $100,000 and the marketing fee fund balance administered by a preferenced Competitive Market Maker for such a Group does not exceed $100,000. A preferenced Competitive Market Maker that elects not to administer a fund will not be charged the marketing fee. The Exchange assesses an administrative fee of .45% on the total amount of the funds collected each month.

C. Options Regulatory Fee

The ORF is $0.0004 per contract side.

The Options Regulatory Fee ("ORF") is assessed by MRX to each MRX Member for options transactions cleared by The Options Clearing Corporation ("OCC") in the customer range where: (1) the execution occurs on MRX or (2) the execution occurs on another exchange and is cleared by a MRX Member. The ORF is collected by OCC on behalf of MRX from (1) MRX clearing members for all customer transactions they clear or (2) non-members for all customer transactions they clear that were executed on MRX. MRX uses reports from OCC when assessing and collecting ORF. The Exchange will notify Members via an Options Trader Alert of any change in the amount of the fee at least 30 calendar days prior to the effective date of the change.

D. FINRA Web CRD Fees

These fees are collected and retained by FINRA via the Web CRD registration system for the registration of associated persons of member organizations of the Exchange that are not FINRA members.

General Registration Fees:

$100-For each initial Form U4 filed for the registration of a representative or principal.

$110-For the additional processing of each initial or amended Form U4, Form U5 or Form BD that includes the initial reporting, amendment or certification of one of more disclosure events or proceedings.

$45-FINRA Annual System Processing Fee Assessed only during Renewals.

Fingerprint Processing Fees:

$27.75-Initial Submission (Electronic)

$42.75-Initial Submission (Paper)

$15.00-Second Submission (Electronic)

$30.00-Second Submission (Paper)

$27.75-Third Submission (Electronic)

$42.75-Third Submission (Paper)

$30.00-FINRA Processing Fee for Fingerprint Results Submitted by Self-Regulatory Organizations other than FINRA.

[Adopted August 31, 2018 (SR-MRX-2018-27); amended February 1, 2019 (SR-MRX-2019-03); amended June 12, 2019 (SR-MRX-2019-12); amended June 24, 2019 (SR-MRX-2019-14); amended July 8, 2019 (SR-MRX-2019-15); amended June 1, 2020 (SR-MRX-2020-11); amended July 1, 2020 (SR-MRX-2020-14); amended Nov. 6, 2020 (SR-MRX-2020-21.]

Section 6. Ports and Other Services

The below charges are assessed by MRX for connectivity to MRX.

A port is a logical connection or session that enables a market participant to send inbound messages and/or receive outbound messages from the Exchange using various communication protocols. Fees are assessed in full month increments and are not prorated.

(i) The following order and quote protocols are available on MRX.

 

 

(1) FIX Port Fee

$0 per port per month

(2) SQF Port Fee

$0 per port per month

(3) SQF Purge Port Fee

$0 per port per month

(4) OTTO Port Fee

$0 per port per month

(ii) The following order and execution information is available to Members.

 

 

(1) CTI Port Fee

$0 per port per month

(2) FIX DROP Port Fee

$0 per port per month

(3) TradeInfo MRX Interface

$0 per port per month

(iii) The following data ports fees apply in connection with data subscriptions pursuant to MRX Rules at Section 7. These ports are available to non-MRX Members and MRX Members.

 

 

(1) Nasdaq MRX Depth of Market Data Port

$0 per port, per month

(2) Nasdaq MRX Order Feed Port

$0 per port, per month

(3) Nasdaq MRX Top Quote Feed Port

$0 per port, per month

(4) Nasdaq MRX Trades Feed Port

$0 per port, per month

(5) Nasdaq MRX Spread Feed Port

$0 per port, per month

(iv) Other ports:

 

 

Disaster Recovery Port Fee for ports in subsections (i) - (iii)

$0 per port, per month

[Adopted August 31, 2018 (SR-MRX-2018-27); amended May 31, 2019 (SR-MRX-2019-08), operative June 24, 2019.]

Section 7. Market Data

 

 

(1) Nasdaq MRX Depth of Market Data

$0 per month

(2) Nasdaq MRX Order Feed

$0 per month

(3) Nasdaq MRX Top Quote Feed

$0 per month

(4) Nasdaq MRX Trades Feed

$0 per month

(5) Nasdaq MRX Spread Feed

$0 per month

Exchange Testing Facilities

Subscribers to the Testing Facility located in Carteret, New Jersey shall pay a fee of $1,000 per hand-off, per month for connection to the Testing Facility. The hand-off fee includes either a 1Gb or 10Gb switch port and a cross connect to the Testing Facility. Subscribers shall also pay a one-time installation fee of $1,000 per handoff.

The connectivity provided under this rule also provides connectivity to the other markets of Nasdaq BX, Inc., Nasdaq PHLX LLC, The Nasdaq Stock Market LLC, Nasdaq ISE LLC, and Nasdaq GEMX LLC.

[Adopted August 31, 2018 (SR-MRX-2018-27); amended May 31, 2019 (SR-MRX-2019-08), operative June 24, 2019; amended Nov. 6, 2020 (SR-MRX-2020-21.]

Section 8. Sales Value Fee

The Sales Value Fee is assessed by the Exchange to each Member for sales on the Exchange with respect to which the Exchange is obligated to pay a fee to the Commission under Section 31 of the Exchange Act. To the extent that there may be any excess monies collected under this Rule, the Exchange may retain those monies to help fund its general operating expenses. The sales transactions to which the fee applies are sales of options (other than options on a security index) and the sales of securities resulting from the exercise of physical-delivery options. The fee is collected indirectly from Members through their clearing firms by the Clearing Corporation on behalf of Nasdaq MRX with respect to options sales and options exercises. The Sales Value Fee is equal to (a) the Section 31 fee rate multiplied by (b) the Member's aggregate dollar amount of covered sales resulting from options transactions occurring on the Exchange during any computational period.

[Adopted July 8, 2019 (SR-MRX-2019-15).]

 
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