Stock Exchange Sets Tiny Fee for Trade Audit Trail Costs Through 2025
Published Date: 7/14/2025
Notice
Summary
Starting July 1, 2025, NYSE National 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. Brokers will get their first bill in August based on July trades, helping split the CAT costs fairly for the next six months.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
New CAT Fee: $0.000009 Per Share
Starting July 1, 2025, NYSE National will assess CAT Fee 2025-2 of $0.000009 per executed equivalent share to CAT Executing Brokers (CEBBs and CEBSs). The fee is scheduled to be in effect through December 31, 2025, and CAT Executing Brokers will receive their first monthly invoice in August 2025 for July 2025 transactions.
Six-Month Budget and Allocations
The Budgeted CAT Costs for July 1–December 31, 2025 are $60,726,412. CEBBs collectively are allocated one-third ($20,242,137.33) of those Budgeted CAT Costs and CEBSs collectively are allocated one-third ($20,242,137.33).
Replaces Prior Higher CAT Fee
CAT Fee 2025-2 (assessed at $0.000009 per executed equivalent share) is intended to replace CAT Fee 2025-1, which had a fee rate of $0.000022 per executed equivalent share.
How the Fee Is Calculated per Transaction
For each month the fee is in effect, the fee for each transaction will be calculated by multiplying the number of executed equivalent shares in the transaction by one-third and by the Fee Rate; the Operating Committee determined a Fee Rate of $0.00002651641828376661 before dividing by three and rounding to $0.000009. Executed equivalent shares are counted as: 1 per share for NMS stocks, multiplier (e.g., 100) per listed option contract, and 0.01 per share for OTC equity securities.
Brokers May Pass Fee Through to Clients
The filing states that CEBBs and CEBSs may, but are not required to, pass-through their CAT Fees to their clients and those client charges may be passed along until ultimately imposed on the account that executed the transaction. CAT Executing Brokers will receive their first invoice in August 2025 for July 2025 activity.
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