Self-Regulatory Organizations; Miami International Securities Exchange, 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
Starting in 2025, Miami International Securities Exchange (MIAX) is adding a tiny new fee for industry members to help cover the costs of the Consolidated Audit Trail (CAT), a system that tracks stock trades. This fee is super small—just $0.000022 per share traded—and will show up on monthly bills. If you’re an industry member trading on MIAX, get ready to chip in for keeping the market’s audit trail running smoothly!
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Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
New per-share CAT charge for 2025
If you are an Industry Member trading on MIAX, the exchange is adding a new fee called CAT Fee 2025-1 of $0.000022 per executed equivalent share. That fee is payable to Consolidated Audit Trail, LLC and will appear on monthly bills.
Monthly billing starts February 2025
CAT Executing Brokers will get their first monthly invoice for the new CAT Fee 2025-1 in February 2025, and that invoice will be calculated based on trades in January 2025. The fee will appear on regular monthly bills to executing brokers.
Six‑month fee that replaces 2024 charge
CAT Fee 2025-1 is anticipated to be in place for six months and is expected to recover about one-half of the reasonably budgeted CAT costs for 2025. The filing states CAT Fee 2025-1 is intended to replace CAT Fee 2024-1, which had a fee rate of $0.000035 per share.
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