NYSE Texas Hits Industry with Retroactive CAT Fees
Published Date: 5/12/2026
Notice
Summary
NYSE Texas is updating its fee schedule to charge industry members for leftover historical costs from the National Market System Plan’s Consolidated Audit Trail, covering expenses before 2022. This means some members will see new fees totaling nearly $39 million to help cover these past costs. The change is effective immediately, so affected members should be ready to pay soon.
Free Policy Watch
New rules are filed every week. Most people never see them.
Pick a topic. PRIA watches every federal rule and tells you when one hits your household.
Pick a topic to get started
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
New $38.96M Historical CAT Fee
NYSE Texas will charge Industry Members (CAT Executing Brokers) a new assessment called Historical CAT Assessment 1A to recover $38,964,855.34 of past Consolidated Audit Trail costs that were not invoiced earlier. The fee rate is $0.000002 per executed equivalent share, and CAT Executing Brokers should expect their first monthly invoice in June 2026 based on May 2026 transactions.
How the New Fee Is Calculated
Historical CAT Assessment 1A will be charged monthly to each CAT Executing Broker for applicable transactions by multiplying executed equivalent shares by one-third and then by the fee rate of $0.000002 per executed equivalent share. Executed equivalent shares count as 1 per share for NMS stocks, as the option multiplier for listed options (for example, 100), and as 0.01 for OTC equity shares; invoices begin in June 2026 for May 2026 activity.
Participants' One-Third and Excluded Costs
The Participants (exchanges/FINRA) will not be assessed Historical CAT Assessment 1A; instead, their one-third share of Historical CAT Costs 1 (which equals $106,019,939.67 in total one-third share for the full Historical CAT Costs 1) will be addressed by cancellation of loans made by the Participants to CAT LLC on a pro rata basis. Participants also remain fully responsible for certain Excluded Costs totaling $83,253,090.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Take the PRIA Score to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in