Self-Regulatory Organizations; MIAX Sapphire, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Fee Schedule 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: 1/16/2025
Notice
Summary
MIAX Sapphire is updating its fee schedule to charge industry members a tiny fee of $0.000022 per share traded to cover the 2025 costs of the Consolidated Audit Trail (CAT), a system that tracks stock trades. This change starts right away and affects brokers and traders using the exchange. It helps keep the CAT system running smoothly and fairly by sharing costs among users.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
New per-share CAT fee for 2025
If you are an Industry Member (brokers or traders using the exchange), the Exchange will charge a CAT Fee 2025-1 of $0.000022 per executed equivalent share. CAT Executing Brokers will receive their first monthly invoice in February 2025 (for January 2025 transactions); the fee is expected to be in place for six months and to recover approximately one-half of the reasonably budgeted CAT costs for 2025. CAT Fee 2025-1 is intended to replace the prior CAT Fee 2024-1, which had a rate of $0.000035 per share.
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Previous / Next Documents
Previous: 2025-00890 — Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend IEX's Fee Schedule Concerning Transaction Pricing for Certain Sub-Dollar Orders
IEX is changing how it charges fees for certain small stock trades priced under $1. Instead of a tiny per-share fee, they'll now charge a small percentage of the total trade value plus the cost from the other exchange. This new fee kicks in starting January 1, 2025, and affects members who route these sub-dollar orders to other exchanges.
Next: 2025-00892 — Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Fee Schedule 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
MIAX Emerald is updating its fee schedule to charge industry members a tiny fee of $0.000022 per share to cover the 2025 costs of the Consolidated Audit Trail (CAT), a system that tracks stock trades. This change starts immediately, with the first bills going out in February 2025. If you’re an executing broker, get ready to see this new fee on your monthly invoice soon!