Stock Exchange Sets Tiny Fee for Trade Audit Trail Costs Through 2025
Published Date: 7/14/2025
Notice
Summary
Starting July 1, 2025, NYSE National 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. Brokers will get their first bill in August based on July trades, helping split the CAT costs fairly for the next six months.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 4 costs, 0 mixed.
New CAT Fee: $0.000009 Per Share
Starting July 1, 2025, NYSE National will assess CAT Fee 2025-2 of $0.000009 per executed equivalent share to CAT Executing Brokers (CEBBs and CEBSs). The fee is scheduled to be in effect through December 31, 2025, and CAT Executing Brokers will receive their first monthly invoice in August 2025 for July 2025 transactions.
Six-Month Budget and Allocations
The Budgeted CAT Costs for July 1–December 31, 2025 are $60,726,412. CEBBs collectively are allocated one-third ($20,242,137.33) of those Budgeted CAT Costs and CEBSs collectively are allocated one-third ($20,242,137.33).
Replaces Prior Higher CAT Fee
CAT Fee 2025-2 (assessed at $0.000009 per executed equivalent share) is intended to replace CAT Fee 2025-1, which had a fee rate of $0.000022 per executed equivalent share.
How the Fee Is Calculated per Transaction
For each month the fee is in effect, the fee for each transaction will be calculated by multiplying the number of executed equivalent shares in the transaction by one-third and by the Fee Rate; the Operating Committee determined a Fee Rate of $0.00002651641828376661 before dividing by three and rounding to $0.000009. Executed equivalent shares are counted as: 1 per share for NMS stocks, multiplier (e.g., 100) per listed option contract, and 0.01 per share for OTC equity securities.
Brokers May Pass Fee Through to Clients
The filing states that CEBBs and CEBSs may, but are not required to, pass-through their CAT Fees to their clients and those client charges may be passed along until ultimately imposed on the account that executed the transaction. CAT Executing Brokers will receive their first invoice in August 2025 for July 2025 activity.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
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!
2026-17283, Self-Regulatory Organizations; ICE Clear Credit LLC; Order Approving Proposed Rule Change Relating to the CDS Instrument On-Boarding Policies and Procedures
ICE Clear Credit LLC is updating how it adds new credit default swap (CDS) contracts for clearing. This change makes the process clearer and smoother for everyone involved, including the companies that use these contracts. The update kicks in soon and helps keep things running efficiently without extra costs.
Previous / Next Documents
Previous: 2025-13070, Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Connectivity Fee Schedule Related to Connectivity to Third Party Systems and Third Party Data Feeds
NYSE Texas is updating its fee schedule for connecting to outside systems and data feeds. This means traders and firms using these connections might see changes in what they pay and who can charge extra fees. The new rules take effect right away, so users should check the updated fees to stay in the know and avoid surprises.
Next: 2025-13072, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing of Amendment No. 1 and Designation of a Longer Period for Commission Action on a Proposed Rule Change, as Modified by Amendment No. 1, To Amend the Rules Governing the Listing and Trading of Shares of the iShares Ethereum Trust To Permit In-Kind Creations and Redemptions
The Nasdaq Stock Market wants to change the rules for the iShares Ethereum Trust so investors can trade shares by swapping actual Ethereum instead of cash. They’re also adding a new Ethereum custodian and updating the Trust’s name. This change could make trading smoother and might affect how quickly shares are created or redeemed, with the SEC taking more time to review the update.