Nasdaq PHLX Sets New Penny Fee for Trade Auditing
Published Date: 7/14/2025
Notice
Summary
Starting July 1, 2025, Nasdaq PHLX is setting a new fee for industry members to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee is tiny—just $0.000009 per share traded—and will last through the end of the year, replacing the previous higher fee. Brokers will see their first bill in August based on July trades, helping keep the CAT system running smoothly and fairly.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Budget Size and Cost Allocation
The Budgeted CAT Costs for July 1–December 31, 2025 are $60,726,412. CEBBs collectively are responsible for one-third of these Budgeted CAT Costs ($20,242,137.33) and CEBSs collectively are responsible for one-third ($20,242,137.33); CAT Fee 2025-2 is anticipated to recover approximately one-half of the reasonably budgeted CAT costs for 2025.
New per-share CAT Fee Set
Starting July 1, 2025, Industry Members acting as CAT Executing Brokers will be charged a CAT Fee of $0.000009 per executed equivalent share through December 31, 2025. This fee replaces the prior CAT Fee 2025-1 rate of $0.000022 per executed equivalent share.
Six-month Fee Period and First Billing
CAT Fee 2025-2 is anticipated to be in place for six months from July 1, 2025 through December 31, 2025. CAT Executing Brokers will receive their first monthly invoice in August 2025 calculated based on their CEBB/CEBS transactions executed in July 2025.
Possible Pass-Through to Clients
The filing states that CAT Executing Brokers may, but are not required to, pass through CAT Fees to their clients; clients could in turn pass fees to downstream clients until the fee is ultimately imposed on the account that executed the transaction.
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