Cboe Exchange Rolls Out Fees to Sustain Trade Tracking Infrastructure
Published Date: 7/9/2025
Notice
Summary
Starting July 1, 2025, through the end of the year, Cboe Exchange is setting new fees for industry members to cover the costs of running the Consolidated Audit Trail, a system that tracks stock trades. If you’re part of a national securities exchange or association, these fees will affect you. The goal? To fairly share the budgeted expenses and keep the market’s audit system running smoothly.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
New CAT Fee: $0.000009 per share
Starting July 1, 2025 through December 31, 2025, Cboe is implementing CAT Fee 2025-2 for Industry Members identified as CAT Executing Brokers (CEBBs and CEBSs). The fee assessed to CEBBs and CEBSs will be $0.000009 per executed equivalent share (the raw calculated rate was $0.00002651641828376661, then divided by three and rounded).
$60.73M Budget; One-Third Allocation
The Budgeted CAT Costs for July 1, 2025 through December 31, 2025 are $60,726,412. CEBBs collectively are responsible for one-third of that amount ($20,242,137.33) and CEBSs collectively are responsible for one-third of that amount ($20,242,137.33).
Brokers May Pass Fees To Clients
The filing states that CEBBs and CEBSs may, but are not required to, pass-through their CAT Fees to their clients, and those clients may in turn pass the fees on until they are imposed on the account that executed the transaction. This means investors or account holders could see fees reflected on their accounts if a broker chooses to pass the charge along.
How Transactions Are Counted
For fee calculations, executed equivalent shares are counted as follows: each executed share of an NMS Stock = 1 executed equivalent share; each executed Listed Option contract = counted using the option multiplier (e.g., 100 executed equivalent shares); each executed share of an OTC Equity Security = 0.01 executed equivalent share. These rules determine how the per-share fee applies to different instruments.
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