NYSE Texas Lowers Fee for Consolidated Audit Trail
Published Date: 7/14/2025
Notice
Summary
Starting July 1, 2025, NYSE Texas will charge industry members a new, lower fee of $0.000009 per share to help cover the costs of the Consolidated Audit Trail system. This fee replaces the previous higher fee and will last through the end of December 2025, with the first bills sent out in August. If you trade stocks through NYSE Texas, get ready to see this new fee on your invoices!
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Who Bears the $60.7M CAT Budget
The Budgeted CAT Costs for July–December 2025 are $60,726,412. CEBBs collectively are allocated one-third of that amount ($20,242,137.33) and CEBSs collectively are allocated one-third of that amount ($20,242,137.33); Participants cover the remaining one-third.
New CAT Fee: $0.000009 Per Share
Starting July 1, 2025, NYSE Texas will assess CAT Fee 2025-2 at a rate of $0.000009 per executed equivalent share through December 31, 2025. The fee replaces the prior CAT Fee 2025-1 (which had a rate of $0.000022) and the first invoices for CAT Fee 2025-2 will be sent in August 2025 for July activity.
How the Per-Share Fee Is Calculated
The Operating Committee calculated a Fee Rate of $0.00002651641828376661 per executed equivalent share, then divided that rate by three and rounded to produce the $0.000009 per executed equivalent share assessed to CEBBs and CEBSs. Executed equivalent shares are counted as: 1 per NMS stock share, option contracts by their contract multiplier (e.g., 100), and OTC equity shares as 0.01 each.
Brokers May Pass Fees to Clients
The filing states that CAT Executing Brokers (CEBBs and CEBSs) may, but are not required to, pass through their CAT Fees to their clients, and those clients could in turn pass fees down the chain until imposed on the executing account. If you trade securities and have investments, you may see this fee item on invoices.
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