Exchange Transaction Fee Summary Schema for NMS Stocks, May 30, 2019

May 30, 2019

On May 29, 2019, the final Exchange Transaction Fee Summary Schema (Schema) for National Market System (NMS) Stocks was posted on the Commission’s website for use by exchanges

The Schema is Commission-specific and available for the exchanges’ use as a result of the Commission adopting the Transaction Fee Pilot for NMS Stocks (Pilot) to study the effects that exchange transaction fee-and rebate pricing models may have on order routing behavior, execution quality, and market quality.[1] To obtain some of the data generated by the Pilot, the Commission also adopted the requirement that each exchange that trades NMS stocks compile the required data using the same eXtensible Markup Language schema.

The exchanges can contact the Commission staff for technical questions on the Schema via email to using “TFP Schema” as the subject of the email.


[1]      Transaction Fee Pilot for NMS Stocks, Release No. 34-84875, 84 C.F.R. § 5202 (Dec. 19, 2018).

Last Reviewed or Updated: June 4, 2019