Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for 2025
Published Date: 1/6/2025
Notice
Summary
Starting February 2025, MEMX is charging industry members a tiny fee of $0.000022 for every share traded to help cover the costs of the Consolidated Audit Trail (CAT) system. This new fee supports the national effort to track trading activity and keep markets fair and transparent. If you trade shares through MEMX, expect this fee to show up on your monthly bill.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
New per‑share CAT fee: $0.000022
Starting February 2025, MEMX will charge Industry Members a CAT Fee of $0.000022 for every executed equivalent share. This fee will appear on monthly invoices sent to CAT Executing Brokers based on their executed shares.
First invoice arrives February 2025
CAT Executing Brokers will receive their first monthly invoice for CAT Fee 2025-1 in February 2025, and that invoice will be calculated based on transactions in January 2025. Expect the fee to show up on monthly bills starting in February 2025.
Six‑month fee replacing 2024 rate
CAT Fee 2025-1 is anticipated to be in place for six months and is expected to recover about one‑half of the reasonably budgeted CAT costs for 2025. MEMX intends for this fee ($0.000022) to replace CAT Fee 2024-1, which had a rate of $0.000035 per executed equivalent share.
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