Apex Clearing, or “Apex,” is our clearing and custodian firm. Apex manages a range of services for your account, including asset custody, reporting, trade confirmation, settlement, and securities delivery. Apex is an SEC registered broker dealer and is a member of FINRA and SIPC. You can view Apex on FINRA’s BrokerCheck here.
Filter FAQ list:
What is Apex?
What kind of market data does BBAE provide?
BBAE offers Level 1 market data to its clients. This market data includes information from 16 Participants and the Financial Industry Regulatory Authority Trade Reporting Facility (FINRA TRF). Level 1 market data consists of real-time quotes, bid and ask prices, trade volume, and other essential information that can assist BBAE clients in making informed investment decisions.
Are there fees for market data?
BBAE provides free real-time market data if you maintain an account balance greater than or equal to $250. Market data fees apply if your account balance is less than $250 or if you are deemed a Professional Investor.
For more information on the breakdown of this fee, please visit our fee schedule here. BBAE reserves the right to waive any market data fees at our sole discretion for any reason.
What is the distinction between a Professional Investor and a Non-Professional Investor in terms of market data?
Professional Investor: A Professional Investor is generally someone who uses market data in connection with their trade or business, particularly if they are qualified as a securities professional. This includes individuals or entities that are registered with any securities agency, investment advisor, or individual acting on behalf of a financial institution.
Non-Professional Investor: A Non-Professional Investor, often referred to as a retail investor, is any individual who uses market data for personal investment purposes and not as a primary source of income or for professional use.
To be considered a Non-Professional Investor, an individual typically must:
- Use the market data solely for personal, non-business purposes.
- Not be registered or qualified with the Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission, any state securities agency, any securities exchange or association, or any commodities or futures contract market or association.
- Not be engaged in a financial services business and not use the data for the management of funds for compensation.
- Not distribute, lease, furnish, or otherwise permit access to the data to any third person or entity.
Can a person be considered a Non-Professional if they are employed by a bank or other financial institution?
Being employed by a bank or financial institution does not automatically qualify someone as a Professional Investor. The key factor is the nature of their role and how they use the market data. If the individual does not use the data for professional purposes and meets the other criteria for Non-Professional status, they may still qualify as a Non-Professional Investor.
Can I switch from a Professional to a Non-Professional Investor status?
Yes, you can switch from Professional to Non-Professional status if your circumstances change and you no longer meet the criteria for being a Professional Investor as defined by FINRA and the data providers. You will need to provide evidence of this change to BBAE, and we will guide you through the process of changing your status.
Who is a Control Person?
An individual or an immediate family member (by blood or marriage) who meets one or more of the following criteria:
- Owns or controls 10% or more of the voting stock of a publicly traded company.
- Holds a position of authority over the management or operations of a publicly traded company.
- Holds any other position that influences the decision-making process of a publicly traded company.
Who is a Politically Exposed Person (PEP)?
A Politically Exposed Person (PEP) is an individual, an immediate family member (by blood or marriage), or a person with close personal or professional relationships who falls into one of the following categories:
- Domestic PEPs: High-ranking members of their government, judicial system, military, or state-owned corporations.
- Foreign PEPs: Key persons who have significant influence in negotiating relationships between individual countries.
- International Organization PEPs: High-ranking members of bodies that govern interactions between multiple countries.
- Common examples include, but are not limited to:
- Heads of State or Government
- Senior politicians or political party officials
- Members of the judiciary (e.g., judges of higher courts)
- High-ranking military officers
- Senior executives of state-owned corporations
- Members of parliamentary bodies
- Heads of international organizations (e.g., United Nations)
What is an affiliate or employee of a FINRA member firm or regulated stock exchange?
An affiliate or employee of a FINRA member firm or a regulated stock exchange is an individual, or an immediate family member (by blood or marriage), who meets one or more of the following criteria:
- An affiliate or employee of a FINRA member firm or a regulated stock exchange is someone who works for a brokerage or financial firm that has membership in at least one organized stock exchange, commodities exchange, or another type of securities exchange.
- Affiliates and employees of a member firm or regulated exchange must obtain pre-approval from their firm prior to opening a brokerage account at another broker/dealer. Please request a 3210 Letter from your Compliance department before opening your account.
Who provides the market data for BBAE?
Market data for BBAE is provided by Nasdaq. Nasdaq is a global technology company serving the capital markets. As a pioneering electronic exchange, Nasdaq operates markets for equities, derivatives, and fixed income, while providing cutting-edge trading technology to exchange participants worldwide.
NLS Plus is Nasdaq’s enhanced market data feed, designed to offer comprehensive insight into U.S. equity trading. It builds upon Nasdaq Last Sale by providing:
- Full coverage of Nasdaq market systems (Nasdaq, FINRA/Nasdaq, TRF, BX, PSX)
- Data for all U.S. equity securities across Tapes A, B, and C
- Real-time consolidated market volume across all U.S. exchanges
NLS Plus serves traders, analysts, and portfolio managers with vital market information. It promotes the creation of advanced market data displays and encourages broader distribution or real-time trade data, furthering Nasdaq’s missions of enhancing market transparency and accessibility.
What is FINRA TRF?
FINRA TRF (Financial Industry Regulatory Authority Trade Reporting Facility) is a platform provided by FINRA (Financial Industry Regulatory Authority) that allows member firms to report and record over-the-counter (OTC) transactions in exchange-listed equities. OTC transactions refer to trades that occur directly between parties outside of the traditional exchange platforms like the New York Stock Exchange or NASDAQ.
FINRA TRF serves as a centralized facility where member firms can report OTC trades and ensure compliance with regulatory requirements. It provides a mechanism for capturing and disseminating trade data, enhancing transparency in the securities industry. By recording and reporting OTC transactions through FINRA TRF, market participants and regulatory authorities can access accurate and timely information about these trades.