NYSE National Chips In Micro-Fees for Consolidated Audit Trail
Published Date: 5/11/2026
Notice
Summary
Starting May 1, 2026, NYSE National will charge industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee will run through the end of 2026 and aims to recover about two-thirds of the CAT’s budgeted expenses. Brokers will see their first bill in June based on May’s trading activity.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Per‑Share CAT Fee for Brokers
Starting May 1, 2026, Industry Members acting as CAT Executing Brokers (CEBBs and CEBSs) will be charged a fee of $0.000001 per executed equivalent share through December 31, 2026. The fee rate was derived from a Fee Rate of $0.000003799483243631228 per executed equivalent share that was divided by three to determine the $0.000001 assessed to CEBBs and CEBSs.
Budgeted CAT Costs and Allocations
The budgeted CAT costs for May 1, 2026 through December 31, 2026 are $15,149,648. CEBBs collectively are allocated one‑third of that amount ($5,049,882.67) and CEBSs collectively are allocated one‑third of that amount ($5,049,882.67); Participants are intended to contribute the remaining one‑third.
First Invoice Timing for CAT Fee
CAT Executing Brokers will receive their first monthly invoice for CAT Fee 2026-1 in June 2026, and that invoice will be calculated based on transactions in May 2026. The fee will continue to be billed monthly while it is in effect through December 31, 2026.
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Key Dates
Department and Agencies
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Next: 2026-09264 — Self-Regulatory Organizations; BOX Exchange 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 the Period From May 1, 2026 Through December 31, 2026
Starting May 1, 2026, BOX Exchange is charging industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee will last through the end of December 2026 and aims to cover about two-thirds of the CAT’s budgeted expenses. Brokers will see their first bill in June based on May’s trades, so it’s time to get ready for this new charge!