Nasdaq MRX Charges Pennies per Share for Stock Audit Trail
Published Date: 7/14/2025
Notice
Summary
Starting July 1, 2025, Nasdaq MRX is setting a new fee for industry members to help cover the costs of the Consolidated Audit Trail, a system that tracks stock trades. The 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’s trades, replacing the older, higher fee rate.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Budgeted CAT costs and allocation
The Budgeted CAT Costs for the July–December 2025 period (CAT Fee 2025-2 Period) are $60,726,412. CEBBs collectively are allocated one-third ($20,242,137.33) and CEBSs collectively are allocated one-third ($20,242,137.33) of those Budgeted CAT Costs.
New CAT fee: $0.000009 per share
Starting July 1, 2025, Nasdaq MRX will charge Industry Members a CAT Fee labeled CAT Fee 2025-2 of $0.000009 per executed equivalent share for transactions. The fee is in effect through December 31, 2025 and CAT Executing Brokers will receive their first invoice in August 2025 based on July 2025 trades.
Replaces prior higher CAT fee
CAT Fee 2025-2 is intended to replace CAT Fee 2025-1. CAT Fee 2025-1 had a fee rate of $0.000022 per executed equivalent share; the new assessed rate is $0.000009 per executed equivalent share.
How the CAT 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 set the assessed CAT Fee 2025-2 of $0.000009 per executed equivalent share. Executed equivalent shares are counted as: each executed share for NMS stocks = 1; each executed listed option contract = multiplier (e.g., 100); and each executed OTC equity share = 0.01.
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