MIAX Adds Fees to Cover Forgotten Audit Trail Expenses from Yesteryear
Published Date: 5/12/2026
Notice
Summary
MIAX is updating its fee schedule to charge industry members for some leftover historical costs of the National Market System’s Consolidated Audit Trail. This means certain members will pay fees to cover about $39 million in past expenses that weren’t billed before. The new fees take effect right away, so affected members should be ready to pay soon.
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Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Industry Members Billed $39M in Past CAT Costs
MIAX will charge Industry Members to recover $38,964,855.34 of historical Consolidated Audit Trail (CAT) costs that were not previously invoiced. The remaining amount will be recovered from CAT Executing Brokers (split so CEBBs collectively pay $19,482,427.67 and CEBSs collectively pay $19,482,427.67).
Per-Share Fee Rate Set for Billing
The fee rate for this Historical CAT Assessment 1A is set at $0.000002 per executed equivalent share. The assessment will be calculated per transaction using executed equivalent shares (with option contracts multiplied by their contract multiplier and OTC equity shares counted as 0.01 equivalents) and applied to CAT Executing Brokers.
Who Gets Invoiced and When
CAT Executing Brokers (those identified as the executing broker for the buyer and/or seller in CAT data, i.e., CEBB and CEBS) will be invoiced for each applicable transaction. CAT Executing Brokers will receive their first monthly invoice for Historical CAT Assessment 1A in June 2026, calculated based on their May 2026 transactions, and the fee change is effective immediately upon filing.
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