Fee Blocks

Fees are disclosed on fills in the NoMiscFees (136) repeating group. The fee amount is in MiscFeeAmt (137); the fee type in MiscFeeType (139) is:

139 =	Fee Type	Required	Notes
1	Regulatory	O	FINRA Trading Activity Fee (TAF) on bond sells, where applicable
3	Local Commission	O	Intermediation fee already included in the price (all-in); do not add it again when calculating proceeds
8	Markup	O	Maker trade fee. Either deducted from NetMoney (included in settlement cash) or billed in arrears
12	Agent	O	Intermediation fee for intermediated trades. Either deducted from NetMoney (included in settlement cash) or billed in arrears

A fee is included in settlement cash when NetMoney differs from principal plus accrued interest (GrossTradeAmt plus AccruedInterestAmt) by the fee amount: a buyer's NetMoney is higher and a seller's is lower. When NetMoney equals principal plus accrued, the fee is billed in arrears. A type 3 fee never changes NetMoney.

For bilateral trades where OpenYield is not in the cash and securities flow, fees are billed in arrears.