Cboe BYX Exchange Sets Costs for Share Trade Monitoring Program
Published Date: 7/9/2025
Notice
Summary
Starting July 1, 2025, Cboe BYX Exchange is setting new fees for industry members to cover the costs of running the Consolidated Audit Trail (CAT) system through the end of the year. If you’re part of a national securities exchange or association, these fees will affect you. The goal? To keep the CAT system funded and running smoothly without missing a beat!
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
New CAT fee of $0.000009 per share
Starting July 1, 2025 through December 31, 2025, Cboe BYX will assess CAT Fee 2025-2 to CAT Executing Brokers (CEBBs and CEBSs) at a rate of $0.000009 per executed equivalent share. The fee applies to each applicable transaction in Eligible Securities and is implemented to recover CAT operating costs for that six-month period.
Six‑month CAT budget: $60.7 million
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).
How transactions count toward fees
For fee calculations, executed equivalent shares are counted as follows: each executed share in NMS Stocks = 1 executed equivalent share; each executed contract in Listed Options = multiplier (for example, 100 executed equivalent shares); and each executed share in OTC Equity Securities = 0.01 executed equivalent share. The assessed fee equals executed equivalent shares × (one-third) × the Fee Rate for the period.
Monthly billing and possible client pass-through
CAT Fees will be billed monthly for each month the fee is in effect, based on transactions in the prior month as shown in CAT Data. CEBBs and CEBSs may, but are not required to, pass these CAT Fees through to their clients, which could ultimately shift the cost to the accounts that executed the transactions.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in