MIAX Pearl's Penny-Per-Share: Audit Fee Overhaul
Published Date: 7/11/2025
Notice
Summary
Starting July 1, 2025, MIAX PEARL 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 older, higher fee and will last through the end of December 2025. Brokers will see their first bill in August based on July trades, so get ready to budget for this update!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Brokers Face New Lower CAT Per-Share Fee
Starting July 1, 2025, MIAX PEARL will charge Industry Members that act as CAT Executing Brokers a fee of $0.000009 per executed equivalent share through December 31, 2025. Brokers will receive their first invoice in August 2025 based on July 2025 transactions; this fee replaces the prior CAT Fee 2025-1 rate of $0.000022 per share. The fee is intended to help recover Budgeted CAT Costs 2025-2 of $60,726,412, with CEBBs and CEBSs each collectively responsible for one-third ($20,242,137.33) of those budgeted costs.
Clients Could See CAT Fee Passed Through
The filing states CAT Executing Brokers (CEBBs and CEBSs) may, but are not required to, pass their CAT Fees through to their clients; clients could ultimately bear the fee charged per executed equivalent share. If you hold an investment account that executes trades through a broker, your account may be charged fees that brokers pass along related to the CAT fee effective July 1, 2025 through December 31, 2025.
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Key Dates
Department and Agencies
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Starting July 1, 2025, MIAX Emerald is updating its fee schedule to charge industry members a new, lower fee of $0.000009 per share for the Consolidated Audit Trail (CAT) costs. This fee helps cover half the budgeted expenses for CAT from July through December 2025, replacing the previous higher fee. Brokers will see their first bill in August based on July trades, so get ready to keep those records sharp and fees clear!