NYSE Bills Members for Big Brother Stock Surveillance System
Published Date: 1/10/2025
Notice
Summary
Starting February 2025, the New York Stock Exchange 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 fee supports the CAT, which tracks stock trades to keep markets fair and transparent. If you’re a broker or trader, get ready to see this new fee on your monthly bills!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
New per-share CAT fee starts February 2025
If you are a broker or trader (an Industry Member), you will be charged a CAT Fee 2025-1 of $0.000022 for every executed equivalent share. The first monthly invoice will arrive in February 2025 and will be calculated from your January 2025 transactions as a CAT Executing Broker for the buyer (CEBB) and/or seller (CEBS).
Fee intended as six‑month measure
The Exchange says CAT Fee 2025-1 is anticipated to be in place for six months and is expected to recover approximately one-half of the reasonably budgeted CAT costs for 2025. That means the $0.000022 rate is described as a temporary measure covering about 50% of the 2025 CAT budget.
New fee replaces prior higher 2024 rate
CAT LLC intends for CAT Fee 2025-1 (rate $0.000022 per executed equivalent share) to replace CAT Fee 2024-1, which had a fee rate of $0.000035 per executed equivalent share. That replacement changes the stated per-share rate charged to Industry Members.
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Starting in 2025, NYSE Arca is setting a tiny new fee for industry members to help cover the costs of the Consolidated Audit Trail (CAT), a system that tracks stock trades. If you’re a broker or trader using NYSE Arca, expect a small charge of $0.000022 per share traded. This fee kicks in right away to keep the CAT system running smoothly and fairly.