Wall Street Charges Itself Fees to Spy on Itself
Published Date: 1/6/2025
Notice
Summary
Starting January 1, 2025, FINRA is updating its rules to charge a new fee that helps cover the costs of the Consolidated Audit Trail (CAT), a system that tracks trading activity. This change affects financial firms that use FINRA’s services and will help FINRA recover its share of CAT expenses for the year. The fee kicks in immediately and aims to keep the system running smoothly without surprises.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
FINRA Imposes CAT Cost Fee
Starting January 1, 2025, FINRA will charge a new Consolidated Audit Trail (CAT) cost recovery fee under FINRA Rule 6897(b) to recoup FINRA's designated portion of the reasonably budgeted CAT costs for the period January 1, 2025 through December 31, 2025. The rule change was filed for immediate effectiveness and is intended to recover FINRA's share of CAT expenses for that 2025 period.
Industry Members Pay CAT LLC Share
FINRA filed a separate proposed rule (File No. SR-FINRA-2024-023) to establish fees assessed to Industry Members, payable to Consolidated Audit Trail, LLC, to recover approximately one-half of the reasonably budgeted CAT costs for the period January 1, 2025 through December 31, 2025. These fees are intended to collect Industry Members' share of CAT expenses for 2025.
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Previous / Next Documents
Previous: 2024-31767 — 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
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.
Next: 2024-31769 — Self-Regulatory Organizations; Cboe Exchange, Inc.; 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
Starting in 2025, Cboe Exchange is setting a new fee of $0.000022 for every share traded to help cover the costs of the Consolidated Audit Trail (CAT), a system that tracks stock trades. This change affects industry members who trade on Cboe and kicks in right away. It’s all about keeping the market fair and transparent while sharing the costs reasonably.