NYSE Arca Adds Tiny Per-Share Fee to Fund Market's Audit System
Published Date: 5/11/2026
Notice
Summary
Starting May 1, 2026, NYSE Arca is adding a tiny new fee for industry members to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee, charged per share traded, will run through the end of December 2026 and aims to cover about two-thirds of CAT’s budgeted expenses. Brokers will see their first bills in June based on May’s trades, so it’s time to get ready for this small but important change!
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Analyzed Economic Effects
5 provisions identified: 0 benefits, 5 costs, 0 mixed.
New Per‑Share CAT Fee for Brokers
If you are an Industry Member (a broker-dealer), NYSE Arca will assess a new Consolidated Audit Trail (CAT) funding fee of $0.000001 per executed equivalent share for the period May 1, 2026 through December 31, 2026. CAT Executing Brokers (CEBBs and CEBSs) will receive their first monthly invoices in June 2026 based on May 2026 transactions.
Fee Calculation and Rate Details
The Operating Committee calculated a raw Fee Rate of $0.000003799483243631228 per executed equivalent share, then divided that rate by three and rounded to produce the $0.000001 per executed equivalent share charged to CEBBs and CEBSs. For each month a CAT Fee is in effect, each CEBB and CEBS will be charged based on the prior month's transactions using executed equivalent share counts.
How Options/OTC Trades Are Counted
For fee calculations, each executed share of NMS stocks counts as 1 executed equivalent share, each executed listed option contract counts based on its multiplier (e.g., 100 executed equivalent shares per contract), and each executed share of OTC equity securities counts as 0.01 executed equivalent share. These conversion rules determine how many executed equivalent shares are charged the $0.000001 fee.
Off‑Exchange Executing Broker Billing Rule
If a transaction executed otherwise than on an exchange (TRF/ORF/ADF) identifies a non-Industry Member as the contra-side executing broker or does not identify a contra-side executing broker, the Industry Member identified as the executing broker will be treated as the CAT Executing Broker for both the Buyer and the Seller and may be charged accordingly. The Commission recognized that Industry Members may pass through CAT fees for customer executed volume.
Budget and Cost Allocation for 2026 Period
The Budgeted CAT Costs for May–December 2026 (CAT Fee 2026-1 period) are $15,149,648. The CAT Fees charged to CEBBs and CEBSs are intended to recover approximately two-thirds of those budgeted costs; CEBBs collectively are allocated one-third ($5,049,882.67) and CEBSs collectively are allocated one-third ($5,049,882.67), with Participants expected to fund the remaining one-third.
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