MIAX Adds Fees to Cover Forgotten Audit Trail Expenses from Yesteryear
Published Date: 5/12/2026
Notice
Summary
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.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Industry Members Billed $39M in Past CAT Costs
MIAX will charge Industry Members to recover $38,964,855.34 of historical Consolidated Audit Trail (CAT) costs that were not previously invoiced. The remaining amount will be recovered from CAT Executing Brokers (split so CEBBs collectively pay $19,482,427.67 and CEBSs collectively pay $19,482,427.67).
Per-Share Fee Rate Set for Billing
The fee rate for this Historical CAT Assessment 1A is set at $0.000002 per executed equivalent share. The assessment will be calculated per transaction using executed equivalent shares (with option contracts multiplied by their contract multiplier and OTC equity shares counted as 0.01 equivalents) and applied to CAT Executing Brokers.
Who Gets Invoiced and When
CAT Executing Brokers (those identified as the executing broker for the buyer and/or seller in CAT data, i.e., CEBB and CEBS) will be invoiced for each applicable transaction. CAT Executing Brokers will receive their first monthly invoice for Historical CAT Assessment 1A in June 2026, calculated based on their May 2026 transactions, and the fee change is effective immediately upon filing.
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Key Dates
Department and Agencies
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Previous / Next Documents
Previous: 2026-09341 — 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 Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
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!
Next: 2026-09343 — Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Emerald Options Exchange Fee Schedule 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, MIAX Emerald is adding a tiny new fee for Industry Members to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee is super small—just $0.000001 per share traded—and will last through the end of December 2026. Brokers will see their first bill in June based on May trades, helping share the CAT system costs fairly.