Cboe EDGX Implements Fees for National Securities Audit System
Published Date: 7/9/2025
Notice
Summary
Starting July 1, 2025, through the end of the year, Cboe EDGX 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 apply to you. This change helps keep the audit trail up and running smoothly and fairly.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
CAT Fee 2025-2 Charged to Firms
If you are an Industry Member (a member of a national securities exchange or national securities association), the Exchange will charge a CAT Fee called CAT Fee 2025-2 for the period July 1, 2025 through December 31, 2025. The fee assessed to CAT Executing Brokers (CEBBs and CEBSs) is $0.000009 per executed equivalent share; the total Budgeted CAT Costs for that period are $60,726,412, with one-third of that ($20,242,137.33) allocated to CEBBs and one-third ($20,242,137.33) allocated to CEBSs.
Firms May Pass Fees to Clients
The filing states that CEBBs and CEBSs may, but are not required to, pass their CAT Fees on to their clients, and those clients may in turn pass fees to their clients until the fee is charged to the account that executed the transaction. The CAT Fee that could be passed through is $0.000009 per executed equivalent share for transactions executed between July 1, 2025 and December 31, 2025.
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