BOX Exchange Imposes Tiny Fee for Six Months of Audit Costs
Published Date: 5/11/2026
Notice
Summary
Starting May 1, 2026, BOX Exchange is charging 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 last through the end of December 2026 and aims to cover about two-thirds of the CAT’s budgeted expenses. Brokers will see their first bill in June based on May’s trades, so it’s time to get ready for this new charge!
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Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
New Per-Share CAT Fee for Brokers
From May 1, 2026 through December 31, 2026, BOX Exchange will assess a fee of $0.000001 per executed equivalent share to Industry Members acting as CAT Executing Brokers (CEBBs and CEBSs). CAT Executing Brokers will receive their first monthly invoice in June 2026 for trades they executed in May 2026.
Budget and Who Pays the CAT Costs
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 of that amount ($5,049,882.67); Participants are expected to fund the remaining one-third.
How Shares Are Counted for the Fee
The fee is assessed per executed equivalent share. For fee calculation each executed share of an NMS stock counts as 1 executed equivalent share, each listed option contract is counted using the option multiplier (for example, 100 executed equivalent shares per standard option contract), and each OTC equity share counts as 0.01 executed equivalent share.
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