FINRA Updates Fees for Stock Trade Tracking System
Published Date: 7/8/2025
Notice
Summary
Starting July 1, 2025, FINRA is updating its fees to cover its share of the costs for running the Consolidated Audit Trail (CAT) through the end of the year. This means financial firms will see a new cost recovery fee to help pay for tracking trading activity more efficiently. The change kicks in immediately and keeps the system running smoothly and fairly.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
FINRA starts CAT cost-recovery billing
Your FINRA member firm that acts as a CAT Executing Broker (the buyer-side CEBB or seller-side CEBS) will be subject to a new FINRA Prospective CAT Cost Recovery Fee for the period July 1, 2025 through December 31, 2025. FINRA filed the rule change on June 25, 2025 and the filing was effective upon receipt; FINRA will invoice member CAT Executing Brokers monthly starting in August 2025 for July 2025 activity.
Per-share fee rate and billing rules
FINRA will charge member CEBBs and CEBSs a Prospective CAT Cost Recovery Fee of $0.000005 per executed equivalent share for transactions executed otherwise than on an exchange. Each member CAT Executing Broker will receive a separate monthly invoice (first in August 2025 based on July 2025 transactions) showing fees calculated as executed equivalent shares times $0.000005.
Budget totals, allocation, and expected collections
The Budgeted CAT Costs 2025-2 total $60,726,412 for July 1, 2025 through December 31, 2025; Industry Members are responsible for two‑thirds ($40,484,274.66) and Participants one‑third ($20,242,137.33). FINRA expects to pay about $1,211,400 per month (about $7,268,400 total) to CAT LLC and expects to recoup about $1,346,000 per month from member CEBBs and CEBS, resulting in an anticipated overcollection of about $807,600 for the July–December 2025 period.
Possible trading-venue cost shift and competitiveness
The filing notes that if FINRA passes its CAT costs to member firms and exchanges do not pass through their CAT allocations, the cost to transact off-exchange could increase relative to executing on an exchange, which could give exchanges a competitive advantage. FINRA also states it does not know whether exchanges or member firms will pass through their CAT fees to customers.
Monthly public reporting of invoiced amounts
FINRA will publish on its website the total amount it invoices each month under the Prospective CAT Cost Recovery Fee, cumulative invoiced amounts since commencement, the total amount FINRA is invoiced by CAT LLC monthly and cumulatively, and the monthly and cumulative variance between amounts invoiced by FINRA and amounts FINRA is invoiced by CAT LLC.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-13648 — Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Except Accounts Pursuant to Section 530A of the Internal Revenue Code From the Requirements of FINRA Rule 3210 (Accounts At Other Broker-Dealers and Financial Institutions)
FINRA is updating its rules to exclude certain accounts protected under a new tax law (Section 530A) from extra paperwork and approval steps. This change helps financial pros handle these special accounts more easily, starting right away with no extra costs. If you work with broker-dealers or financial institutions, this means smoother account management from now on!
2026-13713 — Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Partial Amendment No. 1 to Proposed Rule Change To Amend FINRA Rule 2210 (Communications With the Public)
FINRA wants to update its rules to let financial firms share predictions about investment returns when talking to the public, but only if they follow certain safety steps. This change affects anyone in the finance world who communicates about investments and aims to make info clearer and more honest. The SEC is reviewing these updates, with decisions and possible money impacts expected soon.
Previous / Next Documents
Previous: 2025-12613 — Proposed Collection; Comment Request; Request for New OMB Control Number: Form G-FIN, Form G-FINW, Form G-FIN-4, and Form G-FIN-5
The SEC is asking for a new approval number to collect info from certain financial institutions using Forms G-FIN, G-FINW, G-FIN-4, and G-FIN-5. These banks and dealers haven’t had to file these forms before, but the SEC wants to be ready just in case. This won’t cost much or happen often, but it keeps things clear and ready for the future.
Next: 2025-12615 — Proposed Collection; Comment Request; Extension: Schedule 14D-9F-Canadian Securities
The SEC wants to keep collecting info from Canadian companies involved in certain stock offers to help investors make smart choices. This paperwork takes about two hours once a year for one company, with no extra costs. They’re asking for feedback to make sure this process stays useful and easy.