SEC Approves Millionth-of-a-Penny Fee for Stock Trade Audits in 2026
Published Date: 5/12/2026
Notice
Summary
Starting May 1, 2026, MIAX Emerald is adding a tiny new fee for Industry Members to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee is super small—just $0.000001 per share traded—and will last through the end of December 2026. Brokers will see their first bill in June based on May trades, helping share the CAT system costs fairly.
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Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Tiny Per-Share CAT Fee
If you are an Industry Member or executing broker, MIAX Emerald will charge a new CAT Fee of $0.000001 per executed equivalent share for transactions during May 1, 2026 through December 31, 2026. CAT Executing Brokers will receive their first invoice in June 2026 based on May 2026 transactions. The fee is intended to recover about two-thirds of the Budgeted CAT Costs of $15,149,648 (CEBBs collectively: $5,049,882.67; CEBSs collectively: $5,049,882.67).
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