NYSE American Slaps Tiny Fee on Stock Trade Trackers
Published Date: 7/14/2025
Notice
Summary
Starting July 1, 2025, NYSE American will charge industry members a tiny fee of $0.000009 per share to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee will last six months and aims to cover about half of CAT’s 2025 budget. Brokers will get their first bill in August based on July trades, so everyone involved should get ready to chip in!
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
New CAT fee for executing brokers
Starting July 1, 2025, industry members identified as CAT Executing Brokers will be charged a CAT Fee of $0.000009 per executed equivalent share for transactions in Eligible Securities. Brokers will receive their first monthly invoice in August 2025 based on transactions they executed in July 2025, and the fee is anticipated to be in place for six months through December 31, 2025.
Fee funds half of CAT mid-year budget
CAT Fee 2025-2 is intended to recover approximately one-half of the reasonably budgeted CAT costs for 2025 for the period July 1, 2025 through December 31, 2025. The Budgeted CAT Costs for that period are $60,726,412, with CEBBs collectively responsible for one-third ($20,242,137.33) and CEBSs collectively responsible for one-third ($20,242,137.33).
New fee replaces prior mid‑year fee
CAT Fee 2025-2 at $0.000009 per executed equivalent share is intended to replace CAT Fee 2025-1, which had a fee rate of $0.000022, for the period July 1, 2025 through December 31, 2025. The Operating Committee determined the underlying Fee Rate before dividing by three and rounding to arrive at $0.000009 per executed equivalent share.
Brokers may pass fees to clients
The filing states that CAT Executing Brokers may, but are not required to, pass through their CAT Fees to their clients, and those clients may in turn pass fees along until they are imposed on the account that executed the transaction. That pass-through possibility could increase trading costs for accounts that execute transactions during July–December 2025 if brokers choose to pass the fee along.
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Key Dates
Department and Agencies
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Starting July 1, 2025, NYSE Arca will charge industry members a new fee to help cover the costs of running the Consolidated Audit Trail (CAT) system. This fee is $0.000009 per executed share and will be billed monthly from August 2025 through the end of the year. It replaces an earlier, higher fee and aims to cover about half of the CAT system’s 2025 budget.