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.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions 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!
2026-13648 — Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Except Accounts Pursuant to Section 530A of the Internal Revenue Code From the Requirements of FINRA Rule 3210 (Accounts At Other Broker-Dealers and Financial Institutions)
FINRA is updating its rules to exclude certain accounts protected under a new tax law (Section 530A) from extra paperwork and approval steps. This change helps financial pros handle these special accounts more easily, starting right away with no extra costs. If you work with broker-dealers or financial institutions, this means smoother account management from now on!
2026-13713 — Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Partial Amendment No. 1 to Proposed Rule Change To Amend FINRA Rule 2210 (Communications With the Public)
FINRA wants to update its rules to let financial firms share predictions about investment returns when talking to the public, but only if they follow certain safety steps. This change affects anyone in the finance world who communicates about investments and aims to make info clearer and more honest. The SEC is reviewing these updates, with decisions and possible money impacts expected soon.
Previous / Next Documents
Previous: 2025-12919 — Self-Regulatory Organizations; Fixed Income Clearing Corporation; Order Approving Proposed Rule Change To Amend and Restate the Cross-Margining Agreement Between FICC and CME
The Fixed Income Clearing Corporation (FICC) and Chicago Mercantile Exchange (CME) are updating their cross-margining agreement to make managing risks smoother and more efficient. This change affects traders and firms using both FICC and CME services, helping them reduce the money they need to set aside as margin. The new rules kick in soon, making the whole system safer and smarter without extra costs.
Next: 2025-12921 — Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Fee Schedule 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, 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!