Nasdaq PHLX Adds Small Fee for Essential Market Tracking
Published Date: 5/14/2026
Notice
Summary
Starting May 1, 2026, Nasdaq PHLX is charging 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 the end of December 2026, with the first bills arriving in June based on May trades. If you’re a broker or exchange member, get ready to chip in for this important market tracking tool!
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Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Per-Share CAT Fee for Executing Brokers
Starting May 1, 2026, Nasdaq PHLX will charge CAT Fee 2026-1 of $0.000001 per executed equivalent share to CAT Executing Brokers (CEBBs and CEBSs). The fee runs through December 31, 2026, and the first invoices will be sent in June 2026 based on May 2026 transactions.
Budget and Who Pays What
The Budgeted CAT Costs for May–December 2026 are $15,149,648. CEBBs are collectively allocated one-third ($5,049,882.67) and CEBSs are collectively allocated one-third ($5,049,882.67), with Participants expected to cover the remaining one-third. The CAT Fee 2026-1 is anticipated to recover about two-thirds of the 2026 reasonably budgeted CAT costs.
How Transactions Are Counted for Fees
For fee billing, each executed equivalent share is counted differently by product: each executed share in NMS stocks counts as 1 executed equivalent share; each executed contract in Listed Options counts based on the contract multiplier (for example, 100 executed equivalent shares per contract); and each executed share in OTC Equity Securities counts as 0.01 executed equivalent share.
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