Cboe BYX Imposes New Fees for Old Audit Trail Costs
Published Date: 5/14/2026
Notice
Summary
Cboe BYX Exchange is updating its fee schedule to charge Industry Members for some past costs related to the Consolidated Audit Trail that weren’t billed before January 1, 2022. This change means certain members will see new fees starting right away to cover these historical expenses. If you’re part of the trading world, keep an eye on your bills—they might look a little different soon!
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Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
New CAT Historical Fees for Executing Brokers
Cboe BYX will charge Industry Members that act as CAT Executing Brokers (CEBBs and CEBSs) a Historical CAT Assessment called 1A to recover $38,964,855.34 of past Consolidated Audit Trail (CAT) costs. The Operating Committee set a Historical Fee Rate of $0.000002 per executed equivalent share; each transaction’s fee is calculated by multiplying the number of executed equivalent shares by one-third and then by $0.000002. Executed equivalent shares count NMS stock shares as 1, listed options by the contract multiplier (e.g., 100), and OTC equity shares as 0.01.
Participants’ One-Third Paid by Loan Cancellation
The filing states that Participants (the exchanges) will not be billed the Historical CAT Assessment; instead, the Participants’ one-third share of Historical CAT Costs will be paid by canceling loans the Participants previously made to CAT LLC. For Historical CAT Costs 1, the outstanding amount to be recovered via Assessment 1A is $38,964,855.34 (split $19,482,427.67 to CEBBs and $19,482,427.67 to CEBSs), and Participants’ share will be handled via loan cancellation.
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