Pearl Equities Adds Nanoscale Fee to Keep Trade Audits on Budget
Published Date: 5/12/2026
Notice
Summary
Starting May 1, 2026, MIAX Pearl is adding a tiny new fee for industry members to help cover the costs of the Consolidated Audit Trail (CAT) system, which tracks stock trades. This fee is just $0.000001 per share traded and will last through the end of 2026. Traders will see their first bill in June based on May’s activity, helping share the CAT system’s budget fairly.
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Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
New CAT Fee: $0.000001 Per Share
If you are an Industry Member acting as a CAT Executing Broker, MIAX Pearl will assess CAT Fee 2026-1 of $0.000001 per executed equivalent share for activity from May 1, 2026 through December 31, 2026. CAT Executing Brokers will receive their first monthly invoice in June 2026 based on May 2026 transactions.
Budgeted CAT Costs and Cost Shares
The budgeted CAT costs for May 1, 2026 through December 31, 2026 are $15,149,648. CEBBs (buy-side executing brokers) are collectively allocated $5,049,882.67 and CEBSs (sell-side executing brokers) are collectively allocated $5,049,882.67, with the remaining one-third of the period costs to be borne by Participants.
Industry May Pass Through Fees to Customers
The Commission recognized that Industry Members may pass-through CAT fees for customer executed volume. That means brokers or other Industry Members may charge their customers for these CAT fees.
How Trades Are Counted for the Fee
The fee is charged on executed equivalent shares: each executed share of NMS Stocks counts as 1 executed equivalent share, each executed contract for Listed Options is counted using the option multiplier (e.g., 100), and each executed share of OTC Equity Securities counts as 0.01 executed equivalent share. The Operating Committee calculated an initial Fee Rate of $0.000003799483243631228 per executed equivalent share, then divided by three and rounded to set the assessed rate of $0.000001 per executed equivalent share.
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