Cboe C2 Sets New Charges for National Audit Trail Costs
Published Date: 7/9/2025
Notice
Summary
Starting July 1, 2025, Cboe C2 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. This means brokers and traders who are part of national exchanges will see updated fees to help fund this important market tracking tool. The changes take effect immediately and last until December 31, 2025.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Per-Share CAT Fee for Executing Brokers
Starting July 1, 2025 and through December 31, 2025, Cboe C2 will assess CAT Fee 2025-2 on CAT Executing Brokers (CEBBs and CEBSs) at a rate of $0.000009 per executed equivalent share for each transaction in Eligible Securities.
Six-Month CAT Budget and Allocation
The reasonably budgeted CAT costs for July 1, 2025 through December 31, 2025 are $60,726,412; CEBBs collectively are allocated one-third ($20,242,137.33) and CEBSs collectively are allocated one-third ($20,242,137.33) of those budgeted costs.
Brokers May Pass Fees Through to Clients
The filing states CEBBs and CEBSs may, but are not required to, pass CAT Fees through to their clients; fees could ultimately be charged on the account that executed the transaction.
Immediate Short-Term Fee Effective Period
The CAT Fee 2025-2 filing became effective immediately and applies for the period July 1, 2025 through December 31, 2025, after which any further CAT Fees would require separate filings or Operating Committee action.
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Previous / Next Documents
Previous: 2025-12717, Self-Regulatory Organizations; Cboe EDGA 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 EDGA Exchange is setting new fees for industry members to cover their share of the costs for 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. The goal? To keep the audit trail running smoothly and fairly with clear, budgeted costs.
Next: 2025-12719, Self-Regulatory Organizations; New York Stock 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, the New York Stock Exchange is charging industry members a new fee of $0.000009 per share to help cover the costs of the Consolidated Audit Trail system. This fee will last through the end of December 2025 and replaces an earlier, higher fee. Brokers will see their first bill in August based on July trades, so everyone can plan ahead for this change.