SEC Approves Millionth-of-a-Penny Fee for Stock Trade Audits in 2026
Published Date: 5/12/2026
Notice
Summary
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.
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Tiny Per-Share CAT Fee
If you are an Industry Member or executing broker, MIAX Emerald will charge a new CAT Fee of $0.000001 per executed equivalent share for transactions during May 1, 2026 through December 31, 2026. CAT Executing Brokers will receive their first invoice in June 2026 based on May 2026 transactions. The fee is intended to recover about two-thirds of the Budgeted CAT Costs of $15,149,648 (CEBBs collectively: $5,049,882.67; CEBSs collectively: $5,049,882.67).
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Key Dates
Department and Agencies
Related Federal Register Documents
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Previous / Next Documents
Previous: 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.
Next: 2026-09344 — Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change to Amend the 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, Miami International Securities Exchange is adding a tiny new fee for industry members to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee, charged per share traded, will run through the end of 2026 and aims to cover about two-thirds of CAT’s budgeted expenses. Executing brokers will see their first bill in June based on May’s trades, so get ready to chip in for keeping the market’s audit trail sharp!