Nasdaq Charges Brokers Pennies Per Share for Audit Trail Funding
Published Date: 7/9/2025
Notice
Summary
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.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Budgeted CAT costs and allocation
The Budgeted CAT Costs for the July 1–December 31, 2025 period are $60,726,412. CEBBs collectively will be responsible for one-third ($20,242,137.33) of those Budgeted CAT Costs, and CEBSs collectively will be responsible for one-third ($20,242,137.33).
New CAT fee: $0.000009 per share
Starting July 1, 2025, Nasdaq will charge Industry Members who are CAT Executing Brokers a fee of $0.000009 per executed equivalent share through December 31, 2025. This fee replaces the prior CAT Fee 2025-1 (which had a rate of $0.000022 per share).
First invoices billed in August 2025
Brokers who are CAT Executing Brokers (CEBBs and CEBSs) will receive their first monthly invoice for the new CAT Fee 2025-2 in August 2025, and that invoice will be calculated based on their transactions as executing brokers in July 2025. The fee will be charged monthly for the July–December 2025 period.
Brokers may pass fee to clients
The filing states that CAT Executing Brokers may, but are not required to, pass CAT Fees through to their clients, and those clients could in turn pass fees to their clients until ultimately imposed on the account that executed the transaction. That means investors could see trading costs reflect the new CAT Fee 2025-2.
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Previous / Next Documents
Previous: 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.
Next: 2025-12713, Self-Regulatory Organizations; Long-Term Stock 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, the Long-Term Stock Exchange is setting new fees for its Industry Members to cover shared costs of the national system that tracks stock trades. These fees will apply through the end of December 2025 and help keep the Consolidated Audit Trail running smoothly. If you’re part of this trading community, get ready to chip in for the system that keeps markets fair and transparent!