Cboe EDGX Implements Fees for National Securities Audit System
Published Date: 7/9/2025
Notice
Summary
Starting July 1, 2025, through the end of the year, Cboe EDGX 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 apply to you. This change helps keep the audit trail up and running smoothly and fairly.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
CAT Fee 2025-2 Charged to Firms
If you are an Industry Member (a member of a national securities exchange or national securities association), the Exchange will charge a CAT Fee called CAT Fee 2025-2 for the period July 1, 2025 through December 31, 2025. The fee assessed to CAT Executing Brokers (CEBBs and CEBSs) is $0.000009 per executed equivalent share; the total Budgeted CAT Costs for that period are $60,726,412, with one-third of that ($20,242,137.33) allocated to CEBBs and one-third ($20,242,137.33) allocated to CEBSs.
Firms May Pass Fees to Clients
The filing states that CEBBs and CEBSs may, but are not required to, pass their CAT Fees on to their clients, and those clients may in turn pass fees to their clients until the fee is charged to the account that executed the transaction. The CAT Fee that could be passed through is $0.000009 per executed equivalent share for transactions executed between July 1, 2025 and December 31, 2025.
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Key Dates
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Previous / Next Documents
Previous: 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!
Next: 2025-12715 — Self-Regulatory Organizations; Cboe BYX 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, Cboe BYX Exchange is setting new fees for industry members to cover the costs of running the Consolidated Audit Trail (CAT) system through the end of the year. If you’re part of a national securities exchange or association, these fees will affect you. The goal? To keep the CAT system funded and running smoothly without missing a beat!