Stock Exchange Invents New Fees With Impressively Long Name
Published Date: 1/16/2025
Notice
Summary
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.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 1 costs, 1 mixed.
New per-share CAT fee for 2025
If you are an Industry Member of MIAX Pearl, the exchange will charge a CAT Fee 2025-1 of $0.000022 per executed equivalent share. The fee is payable to Consolidated Audit Trail, LLC (CAT LLC) and invoices for January 2025 activity will be sent to CAT Executing Brokers in February 2025.
Six-month fee to recover half CAT costs
MIAX Pearl says CAT Fee 2025-1 is expected to be in place for six months and is anticipated to recover approximately one-half of the reasonably budgeted Consolidated Audit Trail (CAT) costs for 2025. The filing notes CAT Fee 2025-1 is intended to replace CAT Fee 2024-1, which had a rate of $0.000035 per share.
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Previous / Next Documents
Previous: 2025-00894 — 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
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.
Next: 2025-00896 — Self-Regulatory Organizations; Cboe BYX Exchange, Inc.; Notice of Withdrawal of a Proposed Rule Change, as Modified by Amendment No. 1, to Amend Exchange Rule 11.25(e) To Allow Users To Utilize the Exchange's Match Trade Prevention Functionality When Entering Periodic Auction Orders Onto the Exchange for Execution
Cboe BYX Exchange wanted to let users use a special tool to stop match trades when placing periodic auction orders. After some back-and-forth with the SEC and a few rule tweaks, they decided to pull the plan in January 2025. This means no changes or costs for traders right now, and the current rules stay as they are.