Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend FINRA Rule 6897 (Consolidated Audit Trail Funding Fees) To Establish Fees for Industry Members Related to Prospective Costs of the National Market System Plan Governing the Consolidated Audit Trail
Published Date: 1/6/2025
Notice
Summary
FINRA is updating its rules to charge industry members new fees in 2025 to cover the costs of running the Consolidated Audit Trail, a system that tracks stock trades. These fees help keep the system running smoothly and will be paid directly to the company managing it. The changes take effect immediately, so members should be ready to pay the new fees soon.
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Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
New per-share CAT fee for 2025
FINRA will charge Industry Members a new CAT Fee 2025-1 at a rate of $0.000022 per executed equivalent share. The rule names this as CAT Fee 2025-1 and applies to Industry Members (members of a national securities exchange or national securities association).
Six-month term to recover ~half of 2025 costs
CAT Fee 2025-1 is anticipated to be in place for six months and is expected to recover approximately one-half of the reasonably budgeted CAT costs for 2025. The fee is intended to replace CAT Fee 2024-1 (which had a fee rate of $0.000035).
First invoices start February 2025
CAT Executing Brokers will receive their first monthly invoice for CAT Fee 2025-1 in February 2025, calculated based on their January 2025 transactions. Invoicing is monthly and begins with the February 2025 invoice.
Fees payable directly to CAT LLC
The new CAT Fee 2025-1 will be payable to Consolidated Audit Trail, LLC (CAT LLC) and referred to as payments made to the Company that manages the Consolidated Audit Trail.
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