Options Traders Hit with Micro-Fee for Market Transparency Trail in 2026
Published Date: 5/12/2026
Notice
Summary
Starting May 1, 2026, MIAX Pearl is adding a tiny new fee for options traders to help cover the costs of the Consolidated Audit Trail (CAT) system. Industry members will pay $0.000001 per executed share from May through December 2026, with the first bills arriving in June. This fee helps keep the trading system transparent and fair by funding important market tracking.
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Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Budget and Allocation: $15.15M for May–Dec
The budgeted CAT costs for May 1 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 ($5,049,882.67); the fee assessed to Industry Members is intended to recover approximately two-thirds of the budgeted costs.
New $0.000001 per-Share CAT Fee
Starting May 1, 2026, MIAX Pearl will assess Industry Members (CAT Executing Brokers) a fee of $0.000001 per executed equivalent share for transactions during May through December 2026. The first invoices to CAT Executing Brokers will arrive in June 2026 and the fee is expected to be in place for eight months.
Customers May See Fee Pass-Through
The SEC recognized that Industry Members may pass-through CAT fees for customer executed volume, so customers who trade through Industry Members could see the $0.000001 per executed equivalent share charge passed on to them for trades in the May–December 2026 period. The first related invoices to Industry Members will be billed in June 2026 for May activity.
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