FAQ – Nasdaq OMX

How to Become a Member of The NASDAQ Stock Market
I. FINRA members
II. Firms that are members of another SRO
III. Fees
IV. FINRA Members that do not want to become NASDAQ members
V. Additional Information
I. FINRA Members

Q: My firm is a FINRA member. What do I have to do if I want to use NASDAQ trading systems or the FINRA/NASDAQ Trade Reporting Facility?

All firms that want to use NASDAQ® trading systems or sponsor other entities as users must be registered as members of The NASDAQ Stock Market LLC®. Broker-dealers that want to operate as order-entry firms, market makers and ECNs in the NASDAQ Market Center® will need to register as NASDAQ members to be able to use NASDAQ Market Center trading systems and other NASDAQ services. In order to minimize the effort required to become a NASDAQ member, current FINRA members can elect to be “waived in” as members and do not have to submit to a lengthy membership application process. Broker-dealers that wish to use the FINRA/NASDAQ Trade Reporting FacilityTM (TRF) are required to be FINRA members. Because The TRF is operated by NASDAQ, these broker-dealers also are required to enter into a Services Agreement with NASDAQ to establish connectivity to NASDAQ systems even if they opt not to become members.

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