Options Traders Hit with Micro-Fee for Market Transparency Trail in 2026
Published Date: 5/12/2026
Notice
Summary
Starting May 1, 2026, MIAX Pearl is adding a tiny new fee for options traders to help cover the costs of the Consolidated Audit Trail (CAT) system. Industry members will pay $0.000001 per executed share from May through December 2026, with the first bills arriving in June. This fee helps keep the trading system transparent and fair by funding important market tracking.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Budget and Allocation: $15.15M for May–Dec
The budgeted CAT costs for May 1 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 ($5,049,882.67); the fee assessed to Industry Members is intended to recover approximately two-thirds of the budgeted costs.
New $0.000001 per-Share CAT Fee
Starting May 1, 2026, MIAX Pearl will assess Industry Members (CAT Executing Brokers) a fee of $0.000001 per executed equivalent share for transactions during May through December 2026. The first invoices to CAT Executing Brokers will arrive in June 2026 and the fee is expected to be in place for eight months.
Customers May See Fee Pass-Through
The SEC recognized that Industry Members may pass-through CAT fees for customer executed volume, so customers who trade through Industry Members could see the $0.000001 per executed equivalent share charge passed on to them for trades in the May–December 2026 period. The first related invoices to Industry Members will be billed in June 2026 for May activity.
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Previous / Next Documents
Previous: 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!
Next: 2026-09346, Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Equities 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 Pearl is adding a tiny new fee for industry members to help cover the costs of the Consolidated Audit Trail (CAT) system, which tracks stock trades. This fee is just $0.000001 per share traded and will last through the end of 2026. Traders will see their first bill in June based on May’s activity, helping share the CAT system’s budget fairly.