Nasdaq PHLX Adds to the Pile of CAT Fee Changes
Published Date: 1/23/2025
Notice
Summary
Starting in 2025, Nasdaq PHLX is setting new fees for industry members to cover the fair costs of running the Consolidated Audit Trail (CAT), a system that tracks stock trades. If you’re part of a national securities exchange or association, these fees will apply to you right away. The goal? Keep the CAT system running smoothly and fairly, with fees kicking in immediately.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Industry Fees to Fund CAT 2025
Starting in 2025, Nasdaq PHLX will charge new fees to Industry Members (defined as members of a national securities exchange or a national securities association) to recover reasonably budgeted costs of the Consolidated Audit Trail (CAT). The proposed rule change was filed on January 2, 2025 and was designated effective immediately, so the fees apply right away for 2025.
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Previous: 2025-01553, Self-Regulatory Organizations; Nasdaq MRX, 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 MRX 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. If you’re part of a national securities exchange or association, expect these fees to kick in right away. This change helps fund the CAT system’s budget and keeps everything running smoothly in 2025.
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