EDGX Exchange Sets Small Fees to Sustain Trade Oversight Through 2026
Published Date: 5/12/2026
Notice
Summary
Starting May 1, 2026, Cboe EDGX Exchange is setting new fees for industry members to cover their share of the costs for the Consolidated Audit Trail (CAT) system through the end of the year. This means brokers and trading firms will chip in to keep the CAT running smoothly and on budget. The fees kick in immediately and help fund important market oversight tools.
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Analyzed Economic Effects
6 provisions identified: 0 benefits, 5 costs, 1 mixed.
New per-share CAT fee for brokers
Starting May 1, 2026 and through December 31, 2026, Industry Members (brokers and trading firms) will be charged CAT Fee 2026-1 of $0.000001 per executed equivalent share for transactions in Eligible Securities. The fee was derived from a Fee Rate of $0.000003799483243631228 per executed equivalent share which was divided by three and rounded to $0.000001.
CAT budget for May–Dec 2026: $15.15M
The Budgeted CAT Costs for the May 1, 2026 through December 31, 2026 period are $15,149,648. CEBBs collectively are allocated one-third of that amount ($5,049,882.67) and CEBSs collectively are allocated one-third of that amount ($5,049,882.67), with the remaining one-third of budgeted costs to be covered by Participants.
Fees charged to executing brokers named in CAT data
The CAT Fee 2026-1 will be charged to Industry Members identified as the CAT Executing Broker in CAT Data for a transaction. For exchange executions, that is the Industry Member shown as responsible for the buy- and sell-sides in the equity/option order events; for off-exchange TRF/ORF/ADF trades, it is the executing and contra-side executing brokers in the transaction data. If a non-Industry Member or no contra-side executing broker is identified, the Industry Member identified as the executing broker will be treated as the CAT Executing Broker for both buyer and seller.
Use of reserve reduces billed budget
The Updated 2026 CAT Budget applies an existing reserve balance of $102,391,135 to reduce total costs and results in the Budgeted CAT Costs 2026-1 of $15,149,648 for May–December 2026. CAT LLC may also use proceeds from fees and related Participant fees to repay any notes entered to pay costs during the fee period.
How trades count toward the fee
For calculating CAT fees, each executed share in NMS Stocks counts as one executed equivalent share; each executed Listed Options contract counts by its multiplier (for example, 100 executed equivalent shares per option contract); and each executed share in OTC Equity Securities counts as 0.01 executed equivalent share.
Brokers may pass CAT fees to clients
CEBBs and CEBSs may, but are not required to, pass-through their CAT Fees to their clients, and those clients may in turn pass fees along until the fee is imposed on the account that executed the transaction. This means brokerage clients could see some portion of the CAT Fee reflected in account charges or transaction costs.
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