NYSE Demands $39M from Traders for Ancient CAT Bills
Published Date: 5/12/2026
Notice
Summary
The New York Stock Exchange is updating its fee list to charge industry members for leftover historical costs of the National Market System Plan that weren’t billed before. This means some members will now pay nearly $39 million to cover past expenses related to the Consolidated Audit Trail. These new fees take effect immediately, so affected members should be ready to pay up soon!
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Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Brokers Billed Nearly $39M Retro Costs
If you are an Industry Member identified as a CAT Executing Broker (a CEBB or CEBS), the NYSE will collect the remaining $38,964,855.34 of historical Consolidated Audit Trail (CAT) costs via a new fee called Historical CAT Assessment 1A. CAT Executing Brokers will begin receiving monthly invoices in June 2026 based on their May 2026 transactions.
Per-Share Fee Rate and Billing Formula
The fee rate for Historical CAT Assessment 1A is set at $0.000002 per executed equivalent share. For each transaction the fee is calculated by multiplying the executed equivalent shares by one-third and then by the $0.000002 fee rate; invoices are issued monthly to CAT Executing Brokers for the prior month's transactions.
Exchanges' One-Third Paid Via Loan Cancellation
The Participants (e.g., the exchanges) will not be invoiced for the Historical CAT Assessment; instead their one-third share of Historical CAT Costs 1 (totaling $106,019,939.67) will be paid by canceling loans they previously made to CAT LLC on a pro rata basis. Participants also remain 100% responsible for certain Excluded Costs totaling $83,253,090.
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