BOX Exchange Imposes Per-Share Fee for Market Surveillance System
Published Date: 7/9/2025
Notice
Summary
Starting July 1, 2025, BOX Exchange will charge industry members a tiny fee of $0.000009 for every share traded to help cover the costs of the Consolidated Audit Trail system. This fee will last through the end of December 2025, with the first bills arriving in August based on July trades. If you trade on BOX, get ready to chip in for keeping the market’s audit trail running smoothly!
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Per-Share CAT Fee for Industry Members
Starting July 1, 2025 and running through December 31, 2025, BOX Exchange will assess a CAT Fee (called CAT Fee 2025-2) of $0.000009 per executed equivalent share to Industry Members identified as CAT Executing Brokers (CEBBs and CEBSs). The first monthly invoices for this fee will be sent in August 2025 based on transactions in July 2025, and this fee is intended to replace the prior CAT Fee 2025-1 (which had a rate of $0.000022).
Budget and Allocation for July–Dec 2025 CAT Costs
The Budgeted CAT Costs for the July 1, 2025 through December 31, 2025 period are $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).
How Executed Equivalent Shares Are Counted
For calculating CAT Fees, an executed equivalent share is counted as: 1.0 per executed share for NMS Stocks; for Listed Options, the contract is counted using the applicable multiplier (typically 100 executed equivalent shares per option contract); and for OTC Equity Securities, each executed share counts as 0.01 executed equivalent share. The fee rate ($0.000009) is applied to those executed equivalent share counts.
Broker Pass-Through of CAT Fees to Clients
The filing states that CAT Executing Brokers (CEBBs and CEBSs) may, but are not required to, pass through their CAT Fees to their clients; fees assessed in August 2025 will be based on July 2025 transactions. That means clients who are charged a broker fee could see charges tied to the $0.000009 per executed equivalent share rate for the July–December 2025 period if their broker chooses to pass it on.
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