Stock Exchange Invents New Fees With Impressively Long Name
Published Date: 1/16/2025
Notice
Summary
MIAX Pearl is updating its fee schedule for 2025 to charge industry members a tiny fee of $0.000022 per share traded. This fee helps cover the costs of the Consolidated Audit Trail, a system that tracks stock trades to keep markets fair and transparent. The new fees kick in right away, so traders and brokers should get ready to see this small change on their bills.
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Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
New per-share CAT fee for 2025
If you are an Industry Member of MIAX Pearl, the exchange will charge a CAT Fee 2025-1 of $0.000022 per executed equivalent share. The fee is payable to Consolidated Audit Trail, LLC (CAT LLC) and invoices for January 2025 activity will be sent to CAT Executing Brokers in February 2025.
Six-month fee to recover half CAT costs
MIAX Pearl says CAT Fee 2025-1 is expected to be in place for six months and is anticipated to recover approximately one-half of the reasonably budgeted Consolidated Audit Trail (CAT) costs for 2025. The filing notes CAT Fee 2025-1 is intended to replace CAT Fee 2024-1, which had a rate of $0.000035 per share.
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