BOX Exchange Imposes Tiny Fee for Six Months of Audit Costs
Published Date: 5/11/2026
Notice
Summary
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!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
New Per-Share CAT Fee for Brokers
From May 1, 2026 through December 31, 2026, BOX Exchange will assess a fee of $0.000001 per executed equivalent share to Industry Members acting as CAT Executing Brokers (CEBBs and CEBSs). CAT Executing Brokers will receive their first monthly invoice in June 2026 for trades they executed in May 2026.
Budget and Who Pays the CAT Costs
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 expected to fund the remaining one-third.
How Shares Are Counted for the Fee
The fee is assessed per executed equivalent share. For fee calculation each executed share of an NMS stock counts as 1 executed equivalent share, each listed option contract is counted using the option multiplier (for example, 100 executed equivalent shares per standard option contract), and each OTC equity share counts as 0.01 executed equivalent share.
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
2026-12163, 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!
2026-16781, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing of a Proposed Rule Change To Amend Sections 303A.00 and 303A.07 of the NYSE Listed Company Manual
The New York Stock Exchange (NYSE) is giving listed companies more time to set up their internal audit teams, which help keep an eye on risks and controls. This change affects all companies listed on the NYSE and aims to make the transition smoother without rushing. No new costs or deadlines are added yet, but companies should prepare for the updated timeline once it’s official.
2026-16784, Self-Regulatory Organizations; The Depository Trust Company; Order Approving Proposed Rule Change To Amend the Redemptions Service Guide and the Operational Arrangements (Necessary for Securities To Become and Remain Eligible for DTC Services)
Previous / Next Documents
Previous: 2026-09263, Self-Regulatory Organizations; NYSE National, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE National Schedule of Fees and Rebates 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, 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.
Next: 2026-09265, 60-Day Notice of Proposed Information Collection: Resident Opportunities and Self-Sufficiency (ROSS) Program
HUD wants to keep collecting info for the Resident Opportunities and Self-Sufficiency (ROSS) Program, which helps public housing residents improve their lives. They’re asking for public feedback by July 10, 2026, before getting final approval. This update won’t cost extra but keeps the program running smoothly for residents and communities.