NYSE National Charges Up Fees for Lingering Audit Trail Costs
Published Date: 5/12/2026
Notice
Summary
NYSE National is adding new fees for industry members to cover leftover historical costs from the National Market System Plan’s Consolidated Audit Trail, which weren’t charged before. This update affects members who use the system and starts right away, collecting about $39 million to wrap up past expenses. If you’re part of the industry, get ready to see these fees on your bill soon!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
New CAT Historical Fee Established
If your firm is an Industry Member that acts as a CAT Executing Broker, the Exchange is adding a Historical CAT Assessment called 1A to collect $38,964,855.34 in leftover Consolidated Audit Trail (CAT) historical costs. The fee rate for Historical CAT Assessment 1A is set at $0.000002 per executed equivalent share and the fees are payable to Consolidated Audit Trail, LLC (CAT LLC).
Who Gets Billed and How
The Historical CAT Assessment 1A will be charged to CAT Executing Brokers designated as CAT Executing Brokers for the Buyer (CEBB) and/or for the Seller (CEBS). For each month, the Historical CAT Assessment for a transaction is calculated by multiplying the number of executed equivalent shares in the transaction by one-third and by the historical fee rate (the fee rate is $0.000002 per executed equivalent share).
Timing and Allocation of Recovery
Historical CAT Assessment 1A seeks to recover the $38,964,855.34 that was not invoiced under the prior assessment; CEBBs collectively are responsible for $19,482,427.67 and CEBSs collectively are responsible for $19,482,427.67. Participants (exchanges) remain responsible for one-third of Historical CAT Costs via cancellation of loans rather than invoices, and the first monthly invoices to CAT Executing Brokers will be issued in June 2026 for May 2026 transactions.
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Previous / Next Documents
Previous: 2026-09340, Self-Regulatory Organizations; Investors Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail Incurred Prior to January 1, 2022
Investors Exchange LLC is setting new fees for industry members to cover leftover historical costs of the National Market System Plan for the Consolidated Audit Trail that happened before 2022. If you’re part of the industry, expect to pay your share of about $39 million that wasn’t billed before. These fees kick in right away to wrap up past expenses and keep the system running smoothly.
Next: 2026-09342, Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Fee Schedule To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
MIAX is updating its fee schedule to charge industry members for some leftover historical costs of the National Market System’s Consolidated Audit Trail. This means certain members will pay fees to cover about $39 million in past expenses that weren’t billed before. The new fees take effect right away, so affected members should be ready to pay soon.