SEC Updates Transaction Fees for 2025 Budget
Published Date: 4/11/2025
Notice
Summary
The SEC is updating the fees that national securities exchanges and associations pay for transactions in fiscal year 2025. These fees help fund the SEC’s work and are adjusted to match the government’s budget for the year, which is about $2.19 billion. The new rates kick in soon after the budget law passed in March 2025, so exchanges and associations should get ready for the changes.
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
SEC Transaction Fee Rate Set to $0
National securities exchanges and national securities associations will pay a fee rate of $0.00 per $1,000,000 for transactions effective May 14, 2025. The Commission set the rate to zero after noting Congress appropriated $2,188,658,000 for the SEC for fiscal year 2025 and the Commission had already collected $3,523,193,571 prior to the new rate, which produced a calculated (but infeasible) negative rate.
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Key Dates
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