2025-00168NoticeWallet

Self-Regulatory Organizations; Investors Exchange 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: 1/8/2025

Notice

Summary

Starting February 2025, Investors Exchange LLC will charge 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 tracking and auditing trades to keep markets fair and transparent. If you’re a broker or trader using the Exchange, get ready to see this fee on your monthly bills!

Analyzed Economic Effects

2 provisions identified: 1 benefits, 1 costs, 0 mixed.

New Per-Share CAT Fee Starts Feb 2025

Starting with invoices in February 2025 (for January 2025 trades), the Exchange will charge Industry Members a CAT Fee 2025-1 of $0.000022 per executed equivalent share. CAT Executing Brokers will receive monthly invoices payable to Consolidated Audit Trail, LLC while this fee is anticipated to be in place for six months.

2025 Fee Replaces 2024 Fee and Recovers ~Half

CAT Fee 2025-1 at $0.000022 per share is intended to replace CAT Fee 2024-1 (which had a rate of $0.000035). The 2025-1 fee is anticipated to recover approximately one-half of the reasonably budgeted CAT costs for 2025.

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Key Dates

Published Date
Effective Date
1/8/2025
2/1/2025

Department and Agencies

Department
Independent Agency
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