NYSE American's Millionth-Penny Fee Keeps Audit Trail Ticking
Published Date: 5/11/2026
Notice
Summary
Starting May 1, 2026, NYSE American will charge industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee will run through December 31, 2026, with the first bills sent in June based on May trades. If you’re a broker or trader using NYSE American, get ready to chip in for keeping the market’s audit trail sharp and up-to-date!
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Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
NYSE American: $0.000001/Share CAT Fee
Starting May 1, 2026 and running through December 31, 2026, NYSE American will charge Industry Members a fee of $0.000001 per executed equivalent share to fund the Consolidated Audit Trail (CAT). CAT Executing Brokers (CEBBs and CEBSs) will receive their first monthly invoice in June 2026 based on May 2026 transactions, and the fee is intended to recover roughly two-thirds of the Budgeted CAT Costs 2026-1 of $15,149,648 (CEBBs and CEBSs each collectively responsible for $5,049,882.67).
How CAT Fees Are Calculated Per Trade
The Operating Committee calculated a Fee Rate 2026-1 of $0.000003799483243631228 per executed equivalent share and then divided that rate by three and rounded to set the assessed CAT Fee at $0.000001 per executed equivalent share. For fee calculations, executed equivalent shares count as: 1 per executed share for NMS Stocks, 100 (or applicable multiplier) per options contract, and 0.01 per executed share for OTC Equity Securities.
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