I understand the situations in which I will be charged an NSCC illiquid charge, and I have read: What are NSCC illiquid charges? From my understanding, some third-party charges the stock broker this illiquid fee, and the broker charges its client to recoup the fees. In other words, the stock broker passes the NSCC illiquid charge to the client. What I don't understand is:

  • What does the NSCC illiquid charge pay for?
  • Who ultimately receives the money from an NSCC illiquid charge? Is it a regulator? A clearing firm?

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