Cboe EDGA Hikes Fees to Fund Stock Trade Tracking System
Published Date: 7/9/2025
Notice
Summary
Starting July 1, 2025, through the end of the year, Cboe EDGA Exchange is setting new fees for industry members to cover their share of the costs for 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. The goal? To keep the audit trail running smoothly and fairly with clear, budgeted costs.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Per‑share CAT fee for executing brokers
From July 1, 2025 through December 31, 2025, Cboe EDGA will assess CAT Fee 2025-2 on 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 implements the Operating Committee’s Fee Rate (the un-divided Fee Rate was $0.00002651641828376661).
2025 mid‑year CAT budget and cost split
The budgeted CAT costs for July 1–December 31, 2025 (CAT Fee 2025-2 Period) are $60,726,412. CEBBs collectively are allocated one‑third of those costs ($20,242,137.33) and CEBSs collectively are allocated one‑third of those costs ($20,242,137.33); Participants are allocated the remaining one‑third.
Brokers may pass CAT fees to clients
The filing states CEBBs and CEBSs may, but are not required to, pass their CAT Fees through to their clients, and those pass‑throughs could be passed further until ultimately imposed on the account that executed the transaction. If a broker chooses to pass the fee on, it could show up as an added cost tied to executed transactions during July 1–December 31, 2025.
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