MIAX Sapphire Slaps Fees on Members for Old Audit Trail Debts
Published Date: 5/12/2026
Notice
Summary
MIAX Sapphire is updating its fee schedule to charge industry members for some leftover historical costs from the National Market System’s Consolidated Audit Trail, which weren’t covered before. This means certain members will start paying fees soon to cover about $39 million in past expenses. The new fees kick in immediately to help wrap up these old costs.
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Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Brokers Charged for Past CAT Costs
MIAX Sapphire will add a fee called Historical CAT Assessment 1A to recover $38,964,855.34 of past Consolidated Audit Trail (CAT) costs. The fee is payable by Industry Members that are CAT Executing Brokers and the first monthly invoices will be sent in June 2026 for May 2026 transactions.
Buy/Sell Brokers Split Remaining Bill
The remaining $38,964,855.34 of Historical CAT Costs 1 will be recovered equally from CAT Executing Brokers on the buy and sell sides: CEBBs collectively will be responsible for $19,482,427.67 and CEBSs collectively will be responsible for $19,482,427.67. These amounts are the shares of Industry Members billed under Historical CAT Assessment 1A.
Fee Rate and Per-Trade Calculation
The Historical CAT Assessment 1A fee rate is set at $0.000002 per executed equivalent share, and each transaction fee will be calculated by multiplying the executed equivalent shares by one-third and by the Historical Fee Rate. The fee proceeds are payable to Consolidated Audit Trail, LLC (CAT LLC) and will be listed under "Consolidated Audit Trail Funding Fees."
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