BOX Exchange Imposes Per-Share Fee for Market Surveillance System
Published Date: 7/9/2025
Notice
Summary
Starting July 1, 2025, BOX Exchange will charge industry members a tiny fee of $0.000009 for every share traded to help cover the costs of the Consolidated Audit Trail system. This fee will last through the end of December 2025, with the first bills arriving in August based on July trades. If you trade on BOX, get ready to chip in for keeping the market’s audit trail running smoothly!
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Per-Share CAT Fee for Industry Members
Starting July 1, 2025 and running through December 31, 2025, BOX Exchange will assess a CAT Fee (called CAT Fee 2025-2) of $0.000009 per executed equivalent share to Industry Members identified as CAT Executing Brokers (CEBBs and CEBSs). The first monthly invoices for this fee will be sent in August 2025 based on transactions in July 2025, and this fee is intended to replace the prior CAT Fee 2025-1 (which had a rate of $0.000022).
Budget and Allocation for July–Dec 2025 CAT Costs
The Budgeted CAT Costs for the July 1, 2025 through December 31, 2025 period are $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).
How Executed Equivalent Shares Are Counted
For calculating CAT Fees, an executed equivalent share is counted as: 1.0 per executed share for NMS Stocks; for Listed Options, the contract is counted using the applicable multiplier (typically 100 executed equivalent shares per option contract); and for OTC Equity Securities, each executed share counts as 0.01 executed equivalent share. The fee rate ($0.000009) is applied to those executed equivalent share counts.
Broker Pass-Through of CAT Fees to Clients
The filing states that CAT Executing Brokers (CEBBs and CEBSs) may, but are not required to, pass through their CAT Fees to their clients; fees assessed in August 2025 will be based on July 2025 transactions. That means clients who are charged a broker fee could see charges tied to the $0.000009 per executed equivalent share rate for the July–December 2025 period if their broker chooses to pass it on.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile 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!
2026-16936, Eagle Point Credit Management LLC and Eagle Point Trinity Senior Secured Lending Company
2026-16951, Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule Regarding Certain Free Trials
Cboe C2 Exchange is changing its free trial offer for certain market data. Instead of letting users pick any six months of past data, everyone will get the same fixed six-month period from July to December 2022. This update starts right away and helps keep things simple for traders and data users.
Previous / Next Documents
Previous: 2025-12709, Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule To Establish Fees for Industry Members Related to Reasonably Budgeted Costs of the National Market System Plan Governing the Consolidated Audit Trail for the Period From July 1, 2025 Through December 31, 2025
Starting July 1, 2025, Miami International Securities Exchange is updating its fee schedule to charge industry members a new, lower fee for using the Consolidated Audit Trail system. This fee helps cover half the system’s costs for the rest of 2025 and will be billed monthly starting in August. If you’re a broker executing trades, get ready for a small fee of $0.000009 per share to keep the market running smoothly!
Next: 2025-12711, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted Costs of the National Market System Plan Governing the Consolidated Audit Trail for the Period From July 1, 2025 Through December 31, 2025
Starting July 1, 2025, through the end of the year, Cboe Exchange is setting new fees for industry members to cover the costs of running the Consolidated Audit Trail, a system that tracks stock trades. If you’re part of a national securities exchange or association, these fees will affect you. The goal? To fairly share the budgeted expenses and keep the market’s audit system running smoothly.