NYSE Arca Rolls Out Micro-Fee for Market Audit Trail
Published Date: 7/14/2025
Notice
Summary
Starting July 1, 2025, NYSE Arca will charge industry members a new fee to help cover the costs of running the Consolidated Audit Trail (CAT) system. This fee is $0.000009 per executed share and will be billed monthly from August 2025 through the end of the year. It replaces an earlier, higher fee and aims to cover about half of the CAT system’s 2025 budget.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
New CAT fee: $0.000009 per share
Starting July 1, 2025, NYSE Arca will charge Industry Members a CAT fee of $0.000009 per executed equivalent share. CAT Executing Brokers (CEBBs and CEBSs) will receive their first monthly invoice in August 2025 based on July 2025 transactions, and invoices will be billed monthly through December 31, 2025.
Replaces prior higher CAT fee
CAT Fee 2025-2 replaces the prior CAT Fee 2025-1, which had a fee rate of $0.000022 per executed equivalent share, with the new rate of $0.000009 per executed equivalent share for July–December 2025. The Operating Committee calculated an underlying Fee Rate of $0.00002651641828376661 which was divided by three and rounded to arrive at $0.000009.
Who pays and total budget split
The Budgeted CAT Costs for July–December 2025 are $60,726,412. CEBBs collectively are responsible for one-third ($20,242,137.33) and CEBSs collectively are responsible for one-third ($20,242,137.33); Participants are expected to fund the remaining one-third.
Fee may be passed through to clients
CAT Executing Brokers may, but are not required to, pass their CAT Fees through to their clients; those clients could ultimately see the fee reflected on the account that executed the transaction. The fee is calculated per executed equivalent share (e.g., NMS stock shares count as 1, listed options use the contract multiplier such as 100, OTC equity shares count as 0.01).
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