NYSE Texas Lowers Fee for Consolidated Audit Trail
Published Date: 7/14/2025
Notice
Summary
Starting July 1, 2025, NYSE Texas 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, with the first bills sent out in August. If you trade stocks through NYSE Texas, get ready to see this new fee on your invoices!
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Who Bears the $60.7M CAT Budget
The Budgeted CAT Costs for July–December 2025 are $60,726,412. CEBBs collectively are allocated one-third of that amount ($20,242,137.33) and CEBSs collectively are allocated one-third of that amount ($20,242,137.33); Participants cover the remaining one-third.
New CAT Fee: $0.000009 Per Share
Starting July 1, 2025, NYSE Texas will assess CAT Fee 2025-2 at a rate of $0.000009 per executed equivalent share through December 31, 2025. The fee replaces the prior CAT Fee 2025-1 (which had a rate of $0.000022) and the first invoices for CAT Fee 2025-2 will be sent in August 2025 for July activity.
How the Per-Share Fee Is Calculated
The Operating Committee calculated a Fee Rate of $0.00002651641828376661 per executed equivalent share, then divided that rate by three and rounded to produce the $0.000009 per executed equivalent share assessed to CEBBs and CEBSs. Executed equivalent shares are counted as: 1 per NMS stock share, option contracts by their contract multiplier (e.g., 100), and OTC equity shares as 0.01 each.
Brokers May Pass Fees to Clients
The filing states that CAT Executing Brokers (CEBBs and CEBSs) may, but are not required to, pass through their CAT Fees to their clients, and those clients could in turn pass fees down the chain until imposed on the executing account. If you trade securities and have investments, you may see this fee item on invoices.
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Key Dates
Department and Agencies
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Previous / Next Documents
Previous: 2025-13058, Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change 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, 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.
Next: 2025-13060, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change 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, Nasdaq PHLX is setting a new fee for industry members to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee is tiny—just $0.000009 per share traded—and will last through the end of the year, replacing the previous higher fee. Brokers will see their first bill in August based on July trades, helping keep the CAT system running smoothly and fairly.