Nasdaq GEMX Charges Fees for Old Audit Trail Debts
Published Date: 5/15/2026
Notice
Summary
Nasdaq GEMX is setting new fees for industry members to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. These fees, called Historical CAT Assessment 1A, will collect about $39 million for costs before 2022 that weren’t billed before. The fees start right away and will be charged per share traded, helping keep the audit trail running smoothly.
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Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
New $0.000002 Per-Share CAT Fee
Nasdaq GEMX is setting a new fee called Historical CAT Assessment 1A to collect $38,964,855.34 of past Consolidated Audit Trail (CAT) costs incurred before January 1, 2022. The fee rate is $0.000002 per executed equivalent share, and first monthly invoices will be sent in June 2026 based on May 2026 transactions.
Buyer/Seller Brokers Each Billed Half
The outstanding $38,964,855.34 will be split so CAT Executing Brokers for buyers (CEBBs) are collectively charged $19,482,427.67 and CAT Executing Brokers for sellers (CEBSs) are collectively charged $19,482,427.67. Participants (the exchanges/FINRA) will not be invoiced for these Historical CAT Assessment fees and instead will have their one-third share addressed via cancellation of loans they previously made to CAT LLC.
How Fees Are Calculated By Security Type
The fee will be calculated using executed equivalent shares: each executed share in an NMS stock counts as 1 executed equivalent share, each listed options contract counts by its multiplier (for example 100 executed equivalent shares per options contract), and each executed share in OTC equity securities counts as 0.01 executed equivalent share.
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