Nasdaq GEMX Charges Micro-Fee for Market Audit Trail
Published Date: 5/14/2026
Notice
Summary
Starting May 1, 2026, Nasdaq GEMX will charge industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee will run through December 31, 2026, with the first bills sent in June based on May trades. It’s a small price to keep the market’s audit trail running smoothly and fairly!
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Analyzed Economic Effects
6 provisions identified: 0 benefits, 6 costs, 0 mixed.
Budget Total and Allocation Stated
The Budgeted CAT Costs for May 1, 2026 through December 31, 2026 are $15,149,648. CEBBs collectively are allocated one‑third ($5,049,882.67) and CEBSs collectively are allocated one‑third ($5,049,882.67); the CAT Fees are anticipated to recover approximately two‑thirds of these budgeted costs, with Participants covering the remaining one‑third.
Tiny per‑share CAT Fee Introduced
If you are an Industry Member (a member of a national securities exchange or association), Nasdaq GEMX will charge a CAT Fee of $0.000001 per executed equivalent share for transactions during May 1, 2026 through December 31, 2026. The first monthly bills based on May 2026 transactions will be sent in June 2026.
Fee Rate Calculation and Final Rate
The Operating Committee calculated Fee Rate 2026‑1 as $0.000003799483243631228 per executed equivalent share, then divided that rate by three and rounded so Industry Members (CEBBs and CEBSs) are assessed $0.000001 per executed equivalent share for the May 1, 2026 through December 31, 2026 period.
How Executed Equivalent Shares Are Counted
For calculating CAT Fees, executed equivalent shares are counted as: each NMS Stock share = 1 executed equivalent share; each Listed Option contract = multiplier (e.g., 100 executed equivalent shares); each OTC Equity share = 0.01 executed equivalent share. The fee per transaction is computed by multiplying executed equivalent shares by one‑third and the Fee Rate.
May Be Passed Through to Customers
The Commission recognized that Industry Members may pass‑through CAT fees for customer executed volume. That means brokers could charge customers or clients for CAT fees tied to their executed trades.
Invoice Timing for Industry Members
CAT Executing Brokers will receive their first monthly invoice for CAT Fee 2026‑1 in June 2026, and that invoice will be calculated based on transactions executed in May 2026. The fee is anticipated to be in place for eight months (May–December 2026).
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