Nasdaq BX Hikes Fees for Trade Tracking – Ho Hum
Published Date: 1/23/2025
Notice
Summary
Starting in 2025, Nasdaq BX is setting new fees for Industry Members to cover their fair share of the costs for the Consolidated Audit Trail (CAT), a system that tracks stock trades to keep markets safe and fair. If you’re part of a national securities exchange or association, expect these fees to kick in soon. The change is effective immediately, so members should get ready to budget for these updates.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
New 2025 CAT Fees for Industry Members
If you are an Industry Member (a member of a national securities exchange or national securities association), Nasdaq BX will establish new fees in 2025 to collect each member's share of reasonably budgeted Consolidated Audit Trail (CAT) costs. The Exchange filed the proposal on January 2, 2025 and designated it effective immediately, so affected members should plan their 2025 budgets for these fees.
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Key Dates
Department and Agencies
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Previous: 2025-01549 — Self-Regulatory Organizations; NYSE American LLC; Order Granting Approval of a Proposed Rule Change To Amend Section 1003 of the NYSE American LLC Company Guide To Provide for the Suspension and Delisting of Any Company That: (i) Has Effected One or More Reverse Stock Splits Over the Prior Two-Year Period With a Cumulative Ratio of 200 Shares or More to One; or (ii) Has Effectuated a Reverse Stock Split and the Effectuation of Such Reverse Stock Split Results in the Company's Security Falling Below Any of the Continued Listing Requirements of Section 1003
NYSE American is updating its rules to kick off companies that do too many reverse stock splits—like combining 200 shares into one—within two years or if a reverse split drops their stock below required standards. This means companies must be careful with big stock merges or risk suspension or delisting. The change was approved in early 2025 and aims to keep the market strong and fair for everyone.
Next: 2025-01551 — Self-Regulatory Organizations; Nasdaq GEMX, 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
Nasdaq GEMX is setting new fees for industry members to cover the 2025 costs of the Consolidated Audit Trail (CAT), a system that tracks stock trades to keep markets fair and transparent. These fees kick in right away and affect anyone who’s part of a national securities exchange or association. If you’re in the trading game, get ready to budget for these updated charges starting in 2025!