Sapphire Exchange Introduces Tiny Levy for Consolidated Trade Tracking
Published Date: 5/12/2026
Notice
Summary
Starting May 1, 2026, MIAX Sapphire 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 the CAT expenses. Brokers will see their first bill in June based on May’s trading activity, so get ready to chip in for keeping the market’s audit trail sharp!
Analyzed Economic Effects
5 provisions identified: 0 benefits, 5 costs, 0 mixed.
New Per-Share CAT Fee for Brokers
Starting May 1, 2026, MIAX Sapphire will charge a new CAT Fee called CAT Fee 2026-1 of $0.000001 per executed equivalent share to CAT Executing Brokers (CEBBs and CEBSs). The fee is in place through December 31, 2026 and the first invoices will be sent in June 2026 based on May 2026 trading activity.
Budget and Allocation of 2026-1 CAT Costs
The Budgeted CAT Costs for May–December 2026 (CAT Fee 2026-1 Period) are $15,149,648. CEBBs are allocated one-third of that amount ($5,049,882.67) and CEBSs are allocated one-third ($5,049,882.67), with the design of the CAT Funding Model calling for Participants to cover the remaining one-third.
How the Fee Is Calculated Per Trade
The fee is applied per executed equivalent share where one executed share of an NMS stock counts as 1 executed equivalent share, a listed option contract counts by its multiplier (typically 100), and an OTC equity share counts as 0.01 executed equivalent share. The Operating Committee set a Fee Rate of $0.000003799483243631228 per executed equivalent share and then divided by three (and rounded) to arrive at the $0.000001 per executed equivalent share charged to CEBBs and CEBSs.
Billing Timing and Recovery Period
CAT Fee 2026-1 covers an eight-month recovery period from May 1, 2026 through December 31, 2026. CAT Executing Brokers will receive their first monthly invoice in June 2026, which will be calculated from their CEBB/CEBS transactions during May 2026.
Brokers May Pass Fees Through to Customers
The filing notes the Commission recognized that Industry Members may pass-through CAT fees for customer executed volume. That means brokers could add or allocate these per-share CAT fees to customer trading costs.
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Next: 2026-09348, Self-Regulatory Organizations; NYSE Texas, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Fee Schedule of NYSE Texas, Inc. 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, NYSE Texas 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 last through December 31, 2026, with the first bills sent in June based on May trades. If you’re a broker trading on NYSE Texas, get ready to chip in for keeping the market’s audit trail running smoothly!