IEX Joins Fee Fray: Tiny Charges for Trade Trails
Published Date: 7/11/2025
Notice
Summary
Starting July 1, 2025, Investors Exchange (IEX) will charge industry members a new, lower fee of $0.000009 per share to help cover the costs of the Consolidated Audit Trail system. This fee replaces the previous higher fee and will last through the end of December 2025. Brokers will get their first bill in August based on July trades, so everyone can plan ahead for this change.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
New CAT per‑share fee for brokers
Starting July 1, 2025, IEX will assess Industry Members acting as CAT executing brokers (CEBBs and CEBSs) a fee of $0.000009 per executed equivalent share for transactions in Eligible Securities. The fee applies through December 31, 2025, replaces the prior CAT Fee 2025-1 rate of $0.000022, and executing brokers will receive their first monthly invoice in August 2025 for July trades.
Six‑month CAT budget and allocation
The filing shows Budgeted CAT Costs for July–December 2025 of $60,726,412. CEBBs collectively are allocated one‑third of that amount ($20,242,137.33) and CEBSs are allocated one‑third ($20,242,137.33); the Operating Committee determined a Fee Rate of $0.00002651641828376661 per executed equivalent share which is divided by three and rounded to the $0.000009 rate charged to executing brokers. CAT Fee 2025-2 is anticipated to run for six months and to recover approximately one‑half of the reasonably budgeted CAT costs for 2025.
Brokers may pass fee to investors
The filing states CAT executing brokers (CEBBs and CEBSs) may pass their CAT Fees through to clients and ultimately to the account that executed the transaction. That means if you trade and you have investments, your brokerage could apply a per‑share CAT charge of $0.000009 for trades executed between July 1, 2025 and December 31, 2025, with the first broker invoices issued in August 2025 for July activity.
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Key Dates
Department and Agencies
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