Stock Exchange Slaps Millionth-of-a-Penny Fee on Trades for Audit Trail
Published Date: 5/11/2026
Notice
Summary
Starting May 1, 2026, the New York Stock Exchange is adding a tiny fee of $0.000001 per share for industry members to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee will run through December 31, 2026, with bills sent monthly starting in June. It’s a small price to pay for keeping the market’s audit system running smoothly and fairly!
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Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Per-Share CAT Fee for Industry Members
Starting May 1, 2026 and running through December 31, 2026, Industry Members that are CAT Executing Brokers (CEBBs and CEBSs) will be charged a fee of $0.000001 per executed equivalent share for transactions in Eligible Securities. CAT Executing Brokers will receive their first monthly invoice in June 2026, which will bill May 2026 transactions, and invoices will be sent monthly thereafter.
Budgeted CAT Costs and Allocation
The Budgeted CAT Costs for May 1, 2026 through December 31, 2026 are $15,149,648. CEBBs collectively are allocated one-third of that amount ($5,049,882.67) and CEBSs collectively are allocated one-third ($5,049,882.67), and the CAT Fee 2026-1 is anticipated to recover approximately two-thirds of the Budgeted CAT Costs for 2026.
How the CAT Fee Is Calculated
The Operating Committee calculated a Fee Rate of $0.000003799483243631228 per executed equivalent share, then divided that by three and rounded to arrive at the charged rate of $0.000001 per executed equivalent share. For calculation purposes, executed equivalent shares count each executed share of NMS stocks as 1, each executed listed option contract by its multiplier (for example, 100 executed equivalent shares per option contract), and each executed share of OTC Equity Securities as 0.01 executed equivalent share.
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