MIAX Sapphire Lowers Fees for Consolidated Audit Trail Through 2025
Published Date: 7/10/2025
Notice
Summary
Starting July 1, 2025, MIAX Sapphire is updating its fees for industry members to cover half the costs of the national system that tracks stock trades, called the Consolidated Audit Trail. Brokers will pay a tiny fee per share traded, with the first bills arriving in August 2025. This new fee plan will run through the end of the year and replaces the previous, higher fee rate.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
New per-share CAT fee for brokers
Starting July 1, 2025, MIAX Sapphire will assess CAT Fee 2025-2 of $0.000009 per executed equivalent share on CAT Executing Brokers (CEBBs and CEBSs). The fee applies through December 31, 2025 and the first monthly invoices will be sent in August 2025 for July 2025 transactions.
New fee replaces prior higher rate
CAT Fee 2025-2 (rate $0.000009 per executed equivalent share) is intended to replace CAT Fee 2025-1, which had a fee rate of $0.000022. The replacement is effective for the July 1, 2025 through December 31, 2025 period.
Budgeted CAT costs and allocation
The Budgeted CAT Costs for the July 1–December 31, 2025 period (CAT Fee 2025-2 Period) 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 costs; CAT Fee 2025-2 is anticipated to recover approximately one-half of the 2025 reasonably budgeted CAT costs.
Brokers may pass CAT fees to clients
The filing states that CEBBs and CEBSs may, but are not required to, pass-through their CAT Fees to their clients; those clients may, in turn, pass fees on until the fee is imposed on the account that executed the transaction. This means clients could see CAT-related charges if their broker chooses to pass them on.
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