Self-Regulatory Organizations; MIAX Emerald, 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 Emerald is updating its fee schedule to charge industry members a tiny fee of $0.000022 per share to cover the 2025 costs of the Consolidated Audit Trail (CAT), a system that tracks stock trades. This change starts immediately, with the first bills going out in February 2025. If you’re an executing broker, get ready to see this new fee on your monthly invoice soon!
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Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
New CAT per-Share Charge for Brokers
If you are an Industry Member acting as a CAT Executing Broker, the Exchange will charge a new fee called CAT Fee 2025-1 of $0.000022 per executed equivalent share. CAT Executing Brokers will receive their first monthly invoice in February 2025 for transactions they executed in January 2025, and the fee is payable to Consolidated Audit Trail, LLC (CAT LLC).
2025 Fee Replaces Higher 2024 Rate
The CAT Fee 2025-1 at $0.000022 per executed equivalent share is intended to replace CAT Fee 2024-1, which had a rate of $0.000035. The Exchange states 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.
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