MIAX Pearl Equities Fees Cover Forgotten CAT Expenses
Published Date: 5/12/2026
Notice
Summary
MIAX Pearl is updating its fee schedule to charge industry members for some leftover historical costs tied to the National Market System Plan’s Consolidated Audit Trail. This means certain members will start paying fees to cover about $39 million in past expenses that weren’t billed before. The new fees take effect right away, so affected members should be ready to pay up soon!
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Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
$39M Historical CAT Cost Recovery
MIAX Pearl will collect $38,964,855.34 in leftover historical Consolidated Audit Trail (CAT) costs from Industry Members through a new Historical CAT Assessment 1A. The assessment seeks to recover this amount from CAT Executing Brokers and will begin invoicing in June 2026 for May 2026 transactions.
CEBB/CEBS Allocation Split
Historical CAT Assessment 1A will allocate the $38,964,855.34 equally between CAT Executing Brokers for the Buyer (CEBB) and CAT Executing Brokers for the Seller (CEBS), with each group collectively responsible for $19,482,427.67.
Participants' One-Third Paid Via Loan Cancellation
Participants (the exchanges) will not be invoiced for their one-third share of Historical CAT Costs; instead, that one-third ($106,019,939.67 for Historical CAT Costs 1 in total) will be satisfied by cancellation of loans the Participants previously made to CAT LLC. Participants remain responsible for certain Excluded Costs separately.
Per-Share Fee Rate Set
The fee rate for Historical CAT Assessment 1A is set at $0.000002 per executed equivalent share. Executed equivalent shares are counted as 1 per NMS Stock share, 100 per listed options contract (or other applicable multiplier), and 0.01 per OTC equity share as described in the CAT plan.
Possible Fee Pass-Through to Customers
The Commission recognized that Industry Members may pass through CAT fees to customers for executed volume. That means brokers could pass these per-share charges on to trading customers in the form of fees or higher execution costs.
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