Cboe Exchange Rolls Out Fees to Sustain Trade Tracking Infrastructure
Published Date: 7/9/2025
Notice
Summary
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.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
New CAT Fee: $0.000009 per share
Starting July 1, 2025 through December 31, 2025, Cboe is implementing CAT Fee 2025-2 for Industry Members identified as CAT Executing Brokers (CEBBs and CEBSs). The fee assessed to CEBBs and CEBSs will be $0.000009 per executed equivalent share (the raw calculated rate was $0.00002651641828376661, then divided by three and rounded).
$60.73M Budget; One-Third Allocation
The Budgeted CAT Costs for July 1, 2025 through December 31, 2025 are $60,726,412. CEBBs collectively are responsible for one-third of that amount ($20,242,137.33) and CEBSs collectively are responsible for one-third of that amount ($20,242,137.33).
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 the fees on until they are imposed on the account that executed the transaction. This means investors or account holders could see fees reflected on their accounts if a broker chooses to pass the charge along.
How Transactions Are Counted
For fee calculations, executed equivalent shares are counted as follows: each executed share of an NMS Stock = 1 executed equivalent share; each executed Listed Option contract = counted using the option multiplier (e.g., 100 executed equivalent shares); each executed share of an OTC Equity Security = 0.01 executed equivalent share. These rules determine how the per-share fee applies to different instruments.
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Key Dates
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Previous / Next Documents
Previous: 2025-12710, Self-Regulatory Organizations; BOX Exchange LLC; 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, 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!
Next: 2025-12712, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; 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, Nasdaq will charge industry members a new, lower fee of $0.000009 per share to help cover the costs of the Consolidated Audit Trail system. This fee replaces the previous higher fee and will last through December 31, 2025. Brokers who execute trades will see their first bill in August 2025 based on July’s activity.