Nasdaq Texas Charges One-Millionth of a Cent Per Share
Published Date: 5/18/2026
Notice
Summary
Starting May 1, 2026, Nasdaq Texas 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. Industry members will see their first bill in June based on May’s trading activity, so get ready to chip in for keeping the market’s audit trail sharp and smooth!
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Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Tiny per‑share CAT fee starts
If your firm is an Industry Member (a member of a national securities exchange or national securities association), Nasdaq Texas will assess a CAT Fee of $0.000001 per executed equivalent share. The fee is effective May 1, 2026 through December 31, 2026, and CAT Executing Brokers will receive their first invoice in June 2026 based on May 2026 activity.
Budgeted CAT costs and allocation
The Budgeted CAT Costs for May–December 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); Participants are expected to cover the remaining one‑third.
How fees are calculated
The Operating Committee computed an underlying Fee Rate of $0.000003799483243631228 per executed equivalent share, then divided that rate by three and rounded to set the assessed fee of $0.000001 per executed equivalent share. For fee calculations, executed equivalent shares count as: 1 per executed share for NMS Stocks, 100 (or applicable multiplier) per executed contract for Listed Options, and 0.01 per executed share for OTC Equity Securities.
Industry may pass fees to customers
The Commission recognized that Industry Members may pass‑through CAT fees for customer executed volume. That means brokerage firms could bill customers for some or all of the CAT Fee tied to customer trades.
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