FINRA Rolls Out New Trading Fee for Market Oversight
Published Date: 7/8/2025
Notice
Summary
Starting July 1, 2025, FINRA is setting a new fee for industry members to help cover the costs of running the Consolidated Audit Trail, a system that tracks stock trades. This fee will be $0.000009 per share traded and will last through the end of December 2025. Brokers will get their first bill in August based on July’s trades, so everyone involved should get ready to pay their share.
Analyzed Economic Effects
6 provisions identified: 1 benefits, 5 costs, 0 mixed.
Budget Size and Allocation for July–Dec 2025
The Budgeted CAT Costs for the July 1, 2025 through December 31, 2025 period (CAT Fee 2025-2 Period) total $60,726,412. CEBBs collectively are allocated one-third of that amount ($20,242,137.33) and CEBSs collectively are allocated one-third of that amount ($20,242,137.33).
Per‑Share CAT Fee Imposed July–Dec 2025
Starting July 1, 2025 and running through December 31, 2025, FINRA will assess a CAT Fee labeled “CAT Fee 2025-2” of $0.000009 per executed equivalent share on Industry Members acting as CAT Executing Brokers (CEBBs and CEBSs). The fee period is July 1, 2025 through December 31, 2025 and is payable to CAT LLC.
How The Fee Is Calculated Per Trade
For each transaction in Eligible Securities the fee is calculated using executed equivalent shares; the Operating Committee set a Fee Rate of 0.00002651641828376661 per executed equivalent share which is divided by three and rounded to produce the $0.000009 per executed equivalent share assessed to CEBBs and CEBSs. Executed equivalent shares count as: each executed share for NMS Stocks = 1; for Listed Options use the contract multiplier (e.g., 100); for OTC Equity Securities each executed share = 0.01 executed equivalent share.
This Fee Replaces Prior CAT Fee 2025‑1
CAT Fee 2025-2 is intended to replace CAT Fee 2025-1; CAT Fee 2025-1 had a fee rate of $0.000022 per executed equivalent share. CAT Fee 2025-2’s assessed rate to CEBBs and CEBSs is $0.000009 per executed equivalent share.
Monthly Billing Begins In August 2025
CAT Executing Brokers will receive their first invoice for CAT Fee 2025-2 in August 2025, calculated based on transactions in July 2025. For each month the CAT Fee is in effect, the monthly invoice will be calculated based on the prior month’s transactions.
Brokers May Pass Fees Through To Clients
FINRA notes that CEBBs and CEBSs may, but are not required to, pass through CAT Fees to their clients; those clients, in turn, may pass fees to their clients until the fee is imposed on the account that executed the transaction. In other words, the fee can be recovered through downstream billing.
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
2026-10373 — 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!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2025-12617 — Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the NYSE Arca Options Fee Schedule To Restructure the Presentation of the Manual Billable Rebate Program
NYSE Arca is updating how it shows the Manual Billable Rebate Program in its options fee schedule to make things clearer. This change affects traders using NYSE Arca options and took effect on June 26, 2025. No new fees or rebates are added—just a cleaner, easier-to-understand presentation.
Next: 2025-12619 — Proposed Collection; Comment Request; Extension: Form F-8-Registration Statement
The SEC wants to keep using Form F-8, which helps certain Canadian companies register important business deals with U.S. investors. It takes about an hour to fill out, mostly done by outside experts costing around $450 yearly. The SEC is asking for public feedback before extending this form’s approval, so everyone’s voice can help keep things clear and efficient.