Micro-Fees for Market Watchdogs: SEC's Latest Trading Tweak
Published Date: 7/11/2025
Notice
Summary
Starting July 1, 2025, MIAX PEARL is updating its fee schedule to charge industry members a new, lower fee for the Consolidated Audit Trail (CAT) costs. This fee, set at $0.000009 per executed share, will help cover half of the CAT expenses for the rest of 2025. Brokers will see their first bill in August 2025 based on July’s trades, so get ready for this mid-year change!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
New CAT Fee for Industry Members
Starting July 1, 2025, MIAX PEARL will charge Industry Members who are CAT Executing Brokers a CAT Fee of $0.000009 per executed equivalent share through December 31, 2025. The fee is intended to recover about one-half of the Budgeted CAT Costs 2025-2 (Total Budgeted CAT Costs 2025-2 = $60,726,412), with CEBBs and CEBSs each collectively responsible for one-third ($20,242,137.33 each). CAT Executing Brokers will receive their first monthly invoice in August 2025 based on July 2025 transactions; this CAT Fee 2025-2 is intended to replace CAT Fee 2025-1 (which had a fee rate of $0.000022).
Brokers May Pass Fee To Customers
The filing says CAT Executing Brokers (CEBBs/CEBSs) may, but are not required to, pass their CAT Fees to their clients, and clients may in turn pass fees to others until the fee is imposed on the account that executed the transaction. The CAT Fee to be passed is $0.000009 per executed equivalent share, effective for trades from July 1, 2025 (first broker invoices issued in August 2025 for July trades).
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