Nasdaq Lowers Tiny Fee for Tracking Stock Trades Through 2025
Published Date: 7/14/2025
Notice
Summary
Starting July 1, 2025, Nasdaq BX 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. Brokers who trade stocks will see these charges on their monthly bills starting in August 2025 based on their July activity.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Budget and Allocation for CAT Costs
The Budgeted CAT Costs for July 1–December 31, 2025 are $60,726,412. CEBBs collectively are responsible for one-third ($20,242,137.33) of those Budgeted CAT Costs and CEBSs collectively are responsible for one-third ($20,242,137.33).
New Lower CAT Per-Share Fee
If you are an Industry Member acting as a CAT Executing Broker, Nasdaq BX will assess a CAT Fee (CAT Fee 2025-2) of $0.000009 per executed equivalent share for transactions from July 1, 2025 through December 31, 2025. This fee replaces the prior CAT Fee 2025-1 rate of $0.000022 per executed equivalent share.
First Billing Timing for New Fee
If you are a CAT Executing Broker, you will receive your first monthly invoice for CAT Fee 2025-2 in August 2025, which will be calculated based on your transactions as an executing broker in July 2025. The fee applies monthly for the July–December 2025 recovery period.
Possible Pass-Through of CAT Fees
The filing states that CAT Executing Brokers may, but are not required to, pass through their CAT Fees to their clients; clients could in turn pass fees down to end accounts that executed the transactions. That means you as an investor or account owner might see these fees reflected in execution-related charges if your broker chooses to pass them on.
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