Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Fee Schedule To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for 2025
Published Date: 1/16/2025
Notice
Summary
MIAX Sapphire is updating its fee schedule to charge industry members a tiny fee of $0.000022 per share traded to cover the 2025 costs of the Consolidated Audit Trail (CAT), a system that tracks stock trades. This change starts right away and affects brokers and traders using the exchange. It helps keep the CAT system running smoothly and fairly by sharing costs among users.
Free Policy Watch
New rules are filed every week. Most people never see them.
Pick a topic. PRIA watches every federal rule and tells you when one hits your household.
Pick a topic to get started
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
New per-share CAT fee for 2025
If you are an Industry Member (brokers or traders using the exchange), the Exchange will charge a CAT Fee 2025-1 of $0.000022 per executed equivalent share. CAT Executing Brokers will receive their first monthly invoice in February 2025 (for January 2025 transactions); the fee is expected to be in place for six months and to recover approximately one-half of the reasonably budgeted CAT costs for 2025. CAT Fee 2025-1 is intended to replace the prior CAT Fee 2024-1, which had a rate of $0.000035 per share.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Take It Personal
Get Your Personalized Policy View
Take the PRIA Score to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in