24X Exchange Joins the Micro-Penny CAT Fee Party
Published Date: 5/15/2026
Notice
Summary
Starting May 1, 2026, 24X National Exchange 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 last through the end of 2026 and aims to cover about two-thirds of the CAT’s budgeted expenses. Executing brokers will get their first bill in June based on May’s activity, so everyone involved should get ready to chip in!
Free Policy Watch
New rules are filed every week. Most people never see them.
Pick a topic. PRIA watches every federal rule and tells you when one hits your household.
Pick a topic to get started
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Per-share CAT fee for executing brokers
Starting May 1, 2026, CAT Executing Brokers (CEBBs and CEBSs) will be charged $0.000001 per executed equivalent share. The fee applies through December 31, 2026, and executing brokers will receive their first monthly invoice in June 2026 based on May 2026 activity.
Budget and who pays the CAT costs
The Budgeted CAT Costs for May 1, 2026 through December 31, 2026 are $15,149,648. The CAT Fee 2026-1 is anticipated to recover approximately two-thirds of those costs; CEBBs collectively are responsible for one-third ($5,049,882.67) and CEBSs collectively are responsible for one-third ($5,049,882.67), with the remaining one-third to be covered by Participants.
How transactions are counted for the fee
For fee calculation, executed equivalent shares are counted as follows: each executed share for NMS Stocks = 1 executed equivalent share; each executed Listed Options contract = the applicable multiplier (e.g., 100); each executed share for OTC Equity Securities = 0.01 executed equivalent share. The fee charged to CEBBs/CEBSs is applied to these executed equivalent share counts.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Take It Personal
Get Your Personalized Policy View
Take the PRIA Score to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.
Already have an account? Sign in