Long-Term Exchange Rolls Out New CAT Cost Fees
Published Date: 5/18/2026
Notice
Summary
Starting May 1, 2026, the Long-Term Stock Exchange (LTSE) will charge industry members new fees to cover their share of the costs for the Consolidated Audit Trail (CAT) system through the end of the year. This means brokers and traders who are part of national exchanges will see these fees kick in to help keep the CAT system running smoothly and fairly. The fees are based on a reasonable budget and start immediately, so members should be ready to budget accordingly!
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Analyzed Economic Effects
5 provisions identified: 0 benefits, 5 costs, 0 mixed.
New CAT Fee for Industry Members
Starting May 1, 2026, LTSE will assess a new Consolidated Audit Trail (CAT) fee (CAT Fee 2026-1) on Industry Members (CEBBs and CEBSs) for the period May 1, 2026 through December 31, 2026. The assessed fee rate to CEBBs and CEBSs will be $0.000001 per executed equivalent share.
Total Budget and Allocation to Brokers
The Budgeted CAT Costs for May 1, 2026 through December 31, 2026 are $15,149,648. CEBBs collectively are allocated one-third of that amount ($5,049,882.67) and CEBSs collectively are allocated one-third of that amount ($5,049,882.67).
Fee Rate Determination and Assessed Rate
The Operating Committee set an initial Fee Rate of $0.000003799483243631228 per executed equivalent share and then divided and rounded that amount so CEBBs and CEBSs will be assessed a fee rate of $0.000001 per executed equivalent share. For each transaction the fee is calculated using executed equivalent shares.
How Transactions Count for Fees
For fee calculations, executed equivalent shares are defined so that each executed share in NMS stocks counts as one executed equivalent share, each executed listed options contract counts by its contract multiplier (e.g., 100 executed equivalent shares per contract unless another multiplier applies), and each executed share in OTC Equity Securities counts as 0.01 executed equivalent share.
Monthly Billing and First Invoice Timing
CAT Fees are billed monthly based on the prior month's executed equivalent shares (each month while CAT Fee 2026-1 is in effect). The filing notes the first invoice for CAT Fee 2026-1 would be in June 2026 (after the May 1, 2026 start).
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