Cboe BZX Bills Traders for Old Audit Trail Expenses
Published Date: 5/14/2026
Notice
Summary
Cboe BZX 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 means members of national securities exchanges will see new fees to cover these historical expenses, effective immediately. If you’re part of the trading world, get ready to spot these changes on your bills soon!
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Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Industry Members Charged $38.96M Back Fees
If you are an Industry Member (a member of a national securities exchange or national securities association), the Exchange will charge Historical CAT Assessment 1A to recover $38,964,855.34 of past Consolidated Audit Trail costs incurred prior to January 1, 2022. The filing to implement these charges was submitted April 27, 2026 and is effective immediately, so the unbilled historical amount may appear on future invoices.
Fee Rate Set at $0.000002 Per Share-Unit
The Operating Committee set the Historical CAT Assessment 1A fee rate at $0.000002. Each transaction fee under the Historical CAT Assessment is calculated by multiplying the number of executed equivalent shares by one-third and then by the Historical Fee Rate ($0.000002).
Costs Split Equally Between Buy/Sell Brokers
Historical CAT Assessment 1A is designed to recover the remaining $38,964,855.34 of Historical CAT Costs 1, with CEBBs (CAT Executing Brokers on the buy-side) collectively responsible for $19,482,427.67 and CEBS (CAT Executing Brokers on the sell-side) collectively responsible for $19,482,427.67. Each CEBB and CEBS will be charged for applicable transactions in Eligible Securities as identified in CAT Data.
How Shares Are Counted For Fees
For computing the Historical CAT Assessment, executed equivalent shares are counted as follows: each executed share in NMS Stocks = 1 executed equivalent share; each executed contract in Listed Options is counted using the contract multiplier (for example, 100 executed equivalent shares per contract); and each executed share in OTC Equity Securities = 0.01 executed equivalent share. These rules determine the base volume to which the fee rate (and one-third factor) apply.
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