Texas Stock Exchange Levies Infinitesimal Fee for Audit Trail Costs
Published Date: 5/12/2026
Notice
Summary
Starting May 1, 2026, NYSE Texas will charge industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee will last through December 31, 2026, with the first bills sent in June based on May trades. If you’re a broker trading on NYSE Texas, get ready to chip in for keeping the market’s audit trail running smoothly!
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Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Budget and who pays what share
The Budgeted CAT Costs for May 1, 2026 through December 31, 2026 are $15,149,648. CAT Fees (like CAT Fee 2026-1) are anticipated to recover approximately two-thirds of those costs, while Participants are expected to contribute the remaining one-third; CEBBs collectively are allocated one-third ($5,049,882.67) and CEBSs collectively are allocated one-third ($5,049,882.67).
Tiny per-share CAT fee for brokers
If you are an Industry Member acting as a CAT Executing Broker (CEBB or CEBS), NYSE Texas will charge $0.000001 per executed equivalent share for the period May 1, 2026 through December 31, 2026. The fee is labeled CAT Fee 2026-1 and applies to transactions in Eligible Securities executed by the CEBB or CEBS.
How the CAT fee is calculated
The Operating Committee calculated a Fee Rate of $0.000003799483243631228 per executed equivalent share, then divided that rate by three and rounded to $0.000001 per executed equivalent share to be assessed to CEBBs and CEBSs. Executed equivalent shares are counted as: 1 per share for NMS Stocks, multiplier-based counts for Listed Options (e.g., 100), and 0.01 per share for OTC Equity Securities.
When billing starts and first invoices
CAT Fee 2026-1 applies for May 1, 2026 through December 31, 2026 and CAT Executing Brokers will receive their first monthly invoice in June 2026 calculated based on their transactions as CEBBs and/or CEBSs in May 2026. Fees are invoiced monthly for each month the CAT Fee is in effect.
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