Cboe BYX Exchange Sets Costs for Share Trade Monitoring Program
Published Date: 7/9/2025
Notice
Summary
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!
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
New CAT fee of $0.000009 per share
Starting July 1, 2025 through December 31, 2025, Cboe BYX will assess CAT Fee 2025-2 to CAT Executing Brokers (CEBBs and CEBSs) at a rate of $0.000009 per executed equivalent share. The fee applies to each applicable transaction in Eligible Securities and is implemented to recover CAT operating costs for that six-month period.
Six‑month CAT budget: $60.7 million
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).
How transactions count toward fees
For fee calculations, executed equivalent shares are counted as follows: each executed share in NMS Stocks = 1 executed equivalent share; each executed contract in Listed Options = multiplier (for example, 100 executed equivalent shares); and each executed share in OTC Equity Securities = 0.01 executed equivalent share. The assessed fee equals executed equivalent shares × (one-third) × the Fee Rate for the period.
Monthly billing and possible client pass-through
CAT Fees will be billed monthly for each month the fee is in effect, based on transactions in the prior month as shown in CAT Data. CEBBs and CEBSs may, but are not required to, pass these CAT Fees through to their clients, which could ultimately shift the cost to the accounts that executed the transactions.
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Previous: 2025-12714 — Self-Regulatory Organizations; Cboe EDGX 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 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.
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