SEC Ponders Upgrading Stock Trade Tracking for Modern Tech Era
Published Date: 4/20/2026
Proposed Rule
Summary
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, because changes could affect how audits are done and funded.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 1 costs, 2 mixed.
CAT Costs Rose Sharply
The document states annual CAT costs have grown well beyond the Commission's 2016 estimate of about $55.8 million, rising to over $248 million in the 2025 budget and with an SRO-approved 2026 budget of approximately $156 million. The SEC is requesting comments on funding models, allocation of fees (including Section 31 fees), reserve funds, and other ways to manage and fund the CAT.
CAT Stops Collecting Customer PII
If you trade stocks or options, the Consolidated Audit Trail (CAT) no longer collects customer and account-level personally identifiable information such as names, addresses, and years of birth after the January 13, 2026 CAT NMS Plan amendment (the CAIS Order). Regulators now must obtain customer-level data separately—for example, via the EBS system or by manual requests to broker-dealers—rather than from the CAT.
SEC Review Could Reshape CAT
The SEC is conducting a comprehensive review of the Consolidated Audit Trail and other audit trails to consider changes to the CAT's structure, governance, scope, functionality, cybersecurity, and whether to retain, modify, or replace the CAT. The Commission is soliciting public comment on these possible changes and related regulatory questions, with comments due June 22, 2026.
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Key Dates
Department and Agencies
Related Federal Register Documents
2026-09734 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq Texas is setting new fees to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. Industry members who trade on the exchange will pay these fees starting soon to help cover about $39 million in past expenses not yet billed. This update keeps the system fair and funded without surprises!
2026-09742 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule To Adopt a New Fee Code for Market-Maker Complex Orders Executed on the Complex Order Book That Add Liquidity in Penny Program Securities and To Amend Its Orders Submitted With a Designated Give Up Program
Starting May 1, 2026, Cboe BZX Exchange is updating its fees to add a new code for Market-Maker Complex orders that add liquidity in penny stocks. They’re also tweaking rules for orders using a special Give Up program. These changes mainly affect market makers and traders using complex orders, aiming to make fees clearer and trading smoother.
2026-09745 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for May 1, 2026 Through December 31, 2026
Starting May 1, 2026, MEMX is charging industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system through the end of the year. This fee supports tracking stock trades better and will show up on invoices starting June 2026. If you’re a broker or part of the trading world, get ready to chip in for smoother market oversight!
2026-09728 — Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Concerning the Consolidated Audit Trail
MEMX is setting new fees for industry members to cover leftover historical costs from the National Market System’s Consolidated Audit Trail, which tracks stock trades. These fees, called Historical CAT Assessment 1A, will collect about $39 million that wasn’t billed before. The change is effective immediately, so affected members should get ready to pay soon!
2026-09736 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq PHLX is setting new fees for industry members to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. These fees, called Historical CAT Assessment 1A, will collect about $39 million for costs before 2022 that weren’t billed before. The fees start right away and will be charged per share traded, helping keep the audit trail running smoothly.
2026-09740 — Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq GEMX is setting new fees for industry members to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. These fees, called Historical CAT Assessment 1A, will collect about $39 million for costs before 2022 that weren’t billed before. The fees start right away and will be charged per share traded, helping keep the audit trail running smoothly.
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