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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-16936, Eagle Point Credit Management LLC and Eagle Point Trinity Senior Secured Lending Company
2026-16951, Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule Regarding Certain Free Trials
Cboe C2 Exchange is changing its free trial offer for certain market data. Instead of letting users pick any six months of past data, everyone will get the same fixed six-month period from July to December 2022. This update starts right away and helps keep things simple for traders and data users.
Previous / Next Documents
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.
Next: 2025-12722, American Iron & Metal Company Inc., Complainant v. Priva Logistics Inc., Respondent.; Notice of Filing of Complaint and Assignment
American Iron & Metal Company is taking Priva Logistics to task for holding onto shipping documents until unrelated fees get paid. This affects both companies and anyone tracking their shipments, with a legal showdown set to wrap up by early 2027. Priva Logistics must respond within 25 days, so things are heating up fast!