Miami Exchange Chips in Tiny Fees for National Audit Trail Funding
Published Date: 5/12/2026
Notice
Summary
Starting May 1, 2026, Miami International Securities Exchange is adding a tiny new fee for industry members to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee, charged per share traded, will run through the end of 2026 and aims to cover about two-thirds of CAT’s budgeted expenses. Executing brokers will see their first bill in June based on May’s trades, so get ready to chip in for keeping the market’s audit trail sharp!
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Analyzed Economic Effects
5 provisions identified: 0 benefits, 5 costs, 0 mixed.
Amount and split of 2026 CAT budget
The Budgeted CAT Costs for May 1, 2026 through December 31, 2026 are $15,149,648. Of that amount, CEBBs collectively are allocated one-third ($5,049,882.67) and CEBSs collectively are allocated one-third ($5,049,882.67); the Fee Rate before dividing by three was $0.000003799483243631228 per executed equivalent share, which was divided by three and rounded to $0.000001 per executed equivalent share.
Participants cover remaining one-third
Under the CAT Funding Model, Participants (e.g., exchanges) are expected to contribute the remaining one-third of the budgeted CAT costs for the period; this filing does not set Participant CAT fees, which are implemented through the Operating Committee approvals under the CAT NMS Plan.
New per-share CAT charge for brokers
Starting May 1, 2026 and running through December 31, 2026, Miami International Securities Exchange will assess CAT Fee 2026-1 of $0.000001 per executed equivalent share to CAT Executing Brokers (CEBBs and CEBSs). Executing brokers will receive their first monthly invoice in June 2026 based on trades executed in May 2026.
How trades are converted to fee units
For fee calculations, an executed equivalent share is counted as: 1 per executed share for NMS stocks; each executed options contract counted based on its multiplier (e.g., 100 executed equivalent shares for standard listed options); and each executed share in OTC equity securities counted as 0.01 executed equivalent share.
Brokers may pass fees to customers
The Commission noted that Industry Members may pass-through CAT fees for customer executed volume. If brokers pass these fees through, investors with trading activity could see an added per-share charge tied to CAT Fee 2026-1.
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