Cboe BZX Sets Micro-Fees for Stock Trade Tracking System Costs
Published Date: 7/9/2025
Notice
Summary
Starting July 1, 2025, Cboe BZX Exchange is setting new fees for industry members to cover the costs of running the Consolidated Audit Trail, a system that tracks stock trades. These fees will apply through the end of December 2025 and help keep the market fair and transparent. If you’re part of a national securities exchange or association, get ready to budget for these updated charges!
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Per-Share CAT Fee for Brokers
If you are an Industry Member identified as a CAT Executing Broker (CEBB or CEBS), you will be charged a CAT Fee of $0.000009 per executed equivalent share for applicable transactions. This fee is effective July 1, 2025 through December 31, 2025 and applies to each applicable transaction in Eligible Securities.
Total CAT Budget and Allocation
CAT LLC’s budgeted costs for the July 1, 2025 through December 31, 2025 period are $60,726,412. CEBBs collectively are allocated one-third of that total ($20,242,137.33) and CEBSs collectively are allocated one-third of that total ($20,242,137.33).
How Fees Are Calculated
The Fee Rate was calculated by dividing the reasonably budgeted CAT costs for July 1, 2025–December 31, 2025 by the projected executed equivalent share volume, resulting in a preliminary rate of $0.00002651641828376661 per executed equivalent share which was divided by three and rounded to $0.000009 per executed equivalent share. Executed equivalent shares count as: 1 per executed share for NMS stocks, the option contract multiplier (e.g., 100) for listed options, and 0.01 for OTC equity shares.
Brokers May Pass Fees to Clients
The filing states that CEBBs and CEBSs may, but are not required to, pass-through their CAT Fees to their clients, and those clients may in turn pass fees along until they are imposed on the account that executed the transaction. This means clients of executing brokers could see these fees reflected in charges related to the executing account.
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