Miami Exchange Updates Tiny Fees for National Trade Audit Trail
Published Date: 7/9/2025
Notice
Summary
Starting July 1, 2025, Miami International Securities Exchange is updating its fee schedule to charge industry members a new, lower fee for using the Consolidated Audit Trail system. This fee helps cover half the system’s costs for the rest of 2025 and will be billed monthly starting in August. If you’re a broker executing trades, get ready for a small fee of $0.000009 per share to keep the market running smoothly!
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Budget and Cost Allocation Disclosure
The Updated 2025 CAT Budget allocates Budgeted CAT Costs 2025-2 of $60,726,412 for Q3–Q4 2025. CEBBs collectively are allocated one-third ($20,242,137.33) and CEBSs collectively are allocated one-third ($20,242,137.33), and CAT Fee 2025-2 is anticipated to recover approximately one-half of the 2025 reasonably budgeted CAT costs.
New CAT Fee for Executing Brokers
Starting July 1, 2025, Miami International Securities Exchange will charge CAT Fee 2025-2 of $0.000009 per executed equivalent share to CAT Executing Brokers (CEBBs and CEBSs). The fee applies for the period July 1, 2025 through December 31, 2025 and will be billed monthly starting in August 2025 based on the prior month's transactions.
Replaces Prior Higher CAT Fee
CAT Fee 2025-2 at $0.000009 per executed equivalent share is intended to replace the prior CAT Fee 2025-1, which had a fee rate of $0.000022 per executed equivalent share. This change takes effect for the July 1 through December 31, 2025 period.
How Shares Are Counted for Fees
For computing the CAT Fee, executed equivalent shares are counted as follows: each executed share of NMS Stocks counts as 1 executed equivalent share, each executed Listed Option contract counts based on the option multiplier (e.g., 100 executed equivalent shares for a standard option), and each executed share in OTC Equity Securities counts as 0.01 executed equivalent share.
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