FINRA Rolls Out New Trading Fee for Market Oversight
Published Date: 7/8/2025
Notice
Summary
Starting July 1, 2025, FINRA is setting a new fee for industry members to help cover the costs of running the Consolidated Audit Trail, a system that tracks stock trades. This fee will be $0.000009 per share traded and will last through the end of December 2025. Brokers will get their first bill in August based on July’s trades, so everyone involved should get ready to pay their share.
Analyzed Economic Effects
6 provisions identified: 1 benefits, 5 costs, 0 mixed.
Budget Size and Allocation for July–Dec 2025
The Budgeted CAT Costs for the July 1, 2025 through December 31, 2025 period (CAT Fee 2025-2 Period) total $60,726,412. CEBBs collectively are allocated one-third of that amount ($20,242,137.33) and CEBSs collectively are allocated one-third of that amount ($20,242,137.33).
Per‑Share CAT Fee Imposed July–Dec 2025
Starting July 1, 2025 and running through December 31, 2025, FINRA will assess a CAT Fee labeled “CAT Fee 2025-2” of $0.000009 per executed equivalent share on Industry Members acting as CAT Executing Brokers (CEBBs and CEBSs). The fee period is July 1, 2025 through December 31, 2025 and is payable to CAT LLC.
How The Fee Is Calculated Per Trade
For each transaction in Eligible Securities the fee is calculated using executed equivalent shares; the Operating Committee set a Fee Rate of 0.00002651641828376661 per executed equivalent share which is divided by three and rounded to produce the $0.000009 per executed equivalent share assessed to CEBBs and CEBSs. Executed equivalent shares count as: each executed share for NMS Stocks = 1; for Listed Options use the contract multiplier (e.g., 100); for OTC Equity Securities each executed share = 0.01 executed equivalent share.
This Fee Replaces Prior CAT Fee 2025‑1
CAT Fee 2025-2 is intended to replace CAT Fee 2025-1; CAT Fee 2025-1 had a fee rate of $0.000022 per executed equivalent share. CAT Fee 2025-2’s assessed rate to CEBBs and CEBSs is $0.000009 per executed equivalent share.
Monthly Billing Begins In August 2025
CAT Executing Brokers will receive their first invoice for CAT Fee 2025-2 in August 2025, calculated based on transactions in July 2025. For each month the CAT Fee is in effect, the monthly invoice will be calculated based on the prior month’s transactions.
Brokers May Pass Fees Through To Clients
FINRA notes that CEBBs and CEBSs may, but are not required to, pass through CAT Fees to their clients; those clients, in turn, may pass fees to their clients until the fee is imposed on the account that executed the transaction. In other words, the fee can be recovered through downstream billing.
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