NYSE Slaps Tiny Fee on Shares to Pay for Trade Audits
Published Date: 7/9/2025
Notice
Summary
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.
Analyzed Economic Effects
5 provisions identified: 0 benefits, 4 costs, 1 mixed.
Six‑Month Budgeted CAT Costs Total
The 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 that total.
Participants Cover One‑Third of Costs
Under the CAT Funding Model, the CAT Fees assessed to CEBBs and CEBSs are expected to recover two-thirds of budgeted CAT costs for the period, while the Participants (exchanges) are expected to contribute the remaining one-third. This filing implements only the Industry Member fee portion; Participant fees are handled under the CAT NMS Plan process.
New Per-Share CAT Fee for Brokers
Starting July 1, 2025, industry members identified as CAT Executing Brokers will be charged a CAT Fee of $0.000009 per executed equivalent share through December 31, 2025. This fee replaces the earlier CAT Fee 2025-1 rate of $0.000022 and may be passed through by brokers to their clients.
How Executed Shares Are Counted
For calculating the per-share CAT Fee, an executed equivalent share is counted as: 1 for each executed share in NMS Stocks, listed options counted by their contract multiplier (for example 100), and OTC equity shares counted as 0.01 executed equivalent share. The Fee Rate before division was $0.00002651641828376661 and was divided by three and rounded to $0.000009 per executed equivalent share.
Billing Starts in August 2025
CEBBs and CEBSs will receive their first monthly invoice for CAT Fee 2025-2 in August 2025, and that first bill will be calculated from transactions they executed in July 2025. Billing is monthly based on the prior month's transactions while the fee is in effect through December 31, 2025.
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Previous: 2025-12718, Self-Regulatory Organizations; Cboe C2 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 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.
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