Cboe C2 Sets New Charges for National Audit Trail Costs
Published Date: 7/9/2025
Notice
Summary
Starting July 1, 2025, Cboe C2 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. This means brokers and traders who are part of national exchanges will see updated fees to help fund this important market tracking tool. The changes take effect immediately and last until December 31, 2025.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Per-Share CAT Fee for Executing Brokers
Starting July 1, 2025 and through December 31, 2025, Cboe C2 will assess CAT Fee 2025-2 on CAT Executing Brokers (CEBBs and CEBSs) at a rate of $0.000009 per executed equivalent share for each transaction in Eligible Securities.
Six-Month CAT Budget and Allocation
The reasonably budgeted CAT costs for July 1, 2025 through December 31, 2025 are $60,726,412; CEBBs collectively are allocated one-third ($20,242,137.33) and CEBSs collectively are allocated one-third ($20,242,137.33) of those budgeted costs.
Brokers May Pass Fees Through to Clients
The filing states CEBBs and CEBSs may, but are not required to, pass CAT Fees through to their clients; fees could ultimately be charged on the account that executed the transaction.
Immediate Short-Term Fee Effective Period
The CAT Fee 2025-2 filing became effective immediately and applies for the period July 1, 2025 through December 31, 2025, after which any further CAT Fees would require separate filings or Operating Committee action.
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