Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the MIAX Pearl Options 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 Pearl is updating its options trading fees to cover the 2025 costs of the Consolidated Audit Trail (CAT), a system that tracks trading activity. Industry members who trade options on MIAX Pearl will pay a tiny fee of $0.000022 per executed share to help fund CAT. This change takes effect immediately, so traders should expect the new fees on their upcoming invoices.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Options Traders Pay New CAT Fee
If you are an Industry Member trading options on MIAX Pearl, you'll pay a new Consolidated Audit Trail (CAT) fee called CAT Fee 2025-1 at a rate of $0.000022 per executed equivalent share. MIAX Pearl will invoice CAT Executing Brokers in February 2025 for January 2025 transactions; the fee is expected to be in place for six months, intended to recover about one-half of the reasonably budgeted CAT costs for 2025, and to replace the 2024 CAT fee rate of $0.000035.
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Previous / Next Documents
Previous: 2025-00893, Self-Regulatory Organizations; Miami International Securities Exchange, 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
Starting in 2025, Miami International Securities Exchange (MIAX) is adding a tiny new fee for industry members to help cover the costs of the Consolidated Audit Trail (CAT), a system that tracks stock trades. This fee is super small—just $0.000022 per share traded—and will show up on monthly bills. If you’re an industry member trading on MIAX, get ready to chip in for keeping the market’s audit trail running smoothly!
Next: 2025-00895, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the MIAX Pearl Equities 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 Pearl is updating its fee schedule for 2025 to charge industry members a tiny fee of $0.000022 per share traded. This fee helps cover the costs of the Consolidated Audit Trail, a system that tracks stock trades to keep markets fair and transparent. The new fees kick in right away, so traders and brokers should get ready to see this small change on their bills.