Nasdaq PHLX Sets New Penny Fee for Trade Auditing
Published Date: 7/14/2025
Notice
Summary
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.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Budget Size and Cost Allocation
The Budgeted CAT Costs for July 1–December 31, 2025 are $60,726,412. CEBBs collectively are responsible for one-third of these Budgeted CAT Costs ($20,242,137.33) and CEBSs collectively are responsible for one-third ($20,242,137.33); CAT Fee 2025-2 is anticipated to recover approximately one-half of the reasonably budgeted CAT costs for 2025.
New per-share CAT Fee Set
Starting July 1, 2025, Industry Members acting as CAT Executing Brokers will be charged a CAT Fee of $0.000009 per executed equivalent share through December 31, 2025. This fee replaces the prior CAT Fee 2025-1 rate of $0.000022 per executed equivalent share.
Six-month Fee Period and First Billing
CAT Fee 2025-2 is anticipated to be in place for six months from July 1, 2025 through December 31, 2025. CAT Executing Brokers will receive their first monthly invoice in August 2025 calculated based on their CEBB/CEBS transactions executed in July 2025.
Possible Pass-Through to Clients
The filing states that CAT Executing Brokers may, but are not required to, pass through CAT Fees to their clients; clients could in turn pass fees to downstream clients until the fee is ultimately imposed on the account that executed the transaction.
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Key Dates
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Previous / Next Documents
Previous: 2025-13059 — Self-Regulatory Organizations; NYSE Texas, 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 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!
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The SEC is taking extra time to review Cboe BZX Exchange’s plan to list and trade shares of the Canary Staked TRX ETF, a new commodity-based fund. This means investors and traders interested in this ETF will have to wait until August 27, 2025, for a final decision. No money changes hands yet, but this delay shows the SEC is carefully considering the proposal.