Long-Term Exchange Establishes Fees for Consolidated Trade Oversight
Published Date: 7/9/2025
Notice
Summary
Starting July 1, 2025, the Long-Term Stock Exchange is setting new fees for its Industry Members to cover shared costs of the national system that tracks stock trades. These fees will apply through the end of December 2025 and help keep the Consolidated Audit Trail running smoothly. If you’re part of this trading community, get ready to chip in for the system that keeps markets fair and transparent!
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Total budget and allocation among industry groups
The Budgeted CAT Costs for July 1, 2025 through December 31, 2025 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).
New per-share CAT fee for executing brokers
Starting July 1, 2025 and through December 31, 2025, each CAT Executing Broker (CEBB or CEBS) will be assessed CAT Fee 2025-2 at a rate of $0.000009 per executed equivalent share (this rate was derived from a Fee Rate of $0.00002651641828376661 per executed equivalent share divided by three and rounded).
How fees are calculated per transaction
CAT Fees are calculated based on executed equivalent shares: each executed share in an NMS Stock counts as 1 executed equivalent share; each executed Listed Option contract counts by its multiplier (e.g., 100); each executed share in OTC Equity Securities counts as 0.01 executed equivalent share. For transactions during the CAT Fee 2025-2 period, fees for each transaction are computed using the executed equivalent share counts and the applicable fee rate.
Brokers may pass CAT fees to clients
If you are a client of an executing broker, that broker may (but is not required to) pass through CAT Fees to its clients; the CAT Fee for July 1, 2025 through December 31, 2025 is $0.000009 per executed equivalent share assessed to CEBBs and CEBSs and could be passed on to the account that executed the transaction.
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