Self-Regulatory Organizations; NYSE National, 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
Published Date: 1/10/2025
Notice
Summary
Starting February 2025, NYSE National is charging industry members a tiny fee of $0.000022 for every share they trade to help cover the costs of the Consolidated Audit Trail (CAT), a system that tracks stock trades. This new fee supports the CAT’s 2025 budget and will show up on monthly bills for brokers who execute trades. If you trade stocks, this change affects you and helps keep the market fair and transparent.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
New per-share CAT fee for Industry Members
If you are an Industry Member or a CAT Executing Broker, the Exchange will charge CAT Fee 2025-1 of $0.000022 per executed equivalent share payable to Consolidated Audit Trail, LLC. CAT Executing Brokers will receive their first monthly invoice in February 2025 (based on January 2025 transactions); the fee is anticipated to be in place for six months and is expected to recover approximately one-half of reasonably budgeted CAT costs for 2025. The filing states CAT Fee 2025-1 is intended to replace CAT Fee 2024-1, which had a fee rate of $0.000035.
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Previous: 2025-00308, Self-Regulatory Organizations; NYSE American 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 in 2025, NYSE American is setting new fees for industry members to help cover the costs of the Consolidated Audit Trail (CAT), a system that tracks stock trades. These small fees will be added to the existing price lists and help keep the CAT system running smoothly. The changes take effect immediately, so members should be ready to see these fees on their bills soon.
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