Nasdaq ISE Rolls Out Lower Fee for National Trade Tracking
Published Date: 7/14/2025
Notice
Summary
Starting July 1, 2025, Nasdaq ISE 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. Brokers will get their first bill in August based on July trades, so everyone can plan ahead for this change.
Analyzed Economic Effects
6 provisions identified: 1 benefits, 5 costs, 0 mixed.
New CAT fee of $0.000009/share
Starting July 1, 2025 and through December 31, 2025, Nasdaq ISE will assess a Consolidated Audit Trail (CAT) fee of $0.000009 per executed equivalent share to CAT Executing Brokers (CEBBs and CEBSs). The fee is billed monthly; the first invoices will be sent in August 2025 based on July 2025 transactions.
Fee replaces prior higher rate
CAT Fee 2025-2 at $0.000009 per executed equivalent share replaces CAT Fee 2025-1, which had a fee rate of $0.000022 per executed equivalent share. The new lower fee is in effect for July 1, 2025 through December 31, 2025.
Budgeted CAT costs and allocation
The budgeted CAT costs for July 1, 2025 through December 31, 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 are allocated the remaining one-third.
Brokers may pass fees to clients
The filing states that CEBBs and CEBSs may, but are not required to, pass-through their CAT Fees to their clients, and such fees could ultimately be imposed on the account that executed the transaction. That means investors could face fee pass-throughs depending on their broker's practices during July–December 2025.
How trades count for the fee
For fee calculation, each executed share of NMS Stocks counts as one executed equivalent share; each executed Listed Option contract counts based on the option multiplier (for example, 100 executed equivalent shares per contract); and each executed OTC Equity share counts as 0.01 executed equivalent share. The $0.000009 fee applies per executed equivalent share.
First invoice timing for brokers
CAT Executing Brokers will receive their first monthly invoice for CAT Fee 2025-2 in August 2025, and that invoice will be calculated based on their transactions as CAT Executing Brokers in July 2025. This gives broker-dealers one month after July trading to receive the initial charge.
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