Investors Exchange Bills Brokers Micro-Amount for Market Audit System
Published Date: 5/12/2026
Notice
Summary
Starting May 1, 2026, Investors Exchange (IEX) will charge industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail system. This fee will last through the end of 2026 and aims to cover about two-thirds of the system’s budgeted expenses. Executing brokers will get their first bill in June based on May’s activity, so everyone should be ready to chip in!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Per-Share CAT Fee for Brokers
Starting May 1, 2026 and running through December 31, 2026, IEX will charge Industry Members acting as CAT Executing Brokers $0.000001 per executed equivalent share. Executing brokers (CEBBs and CEBSs) will receive their first monthly invoice in June 2026 calculated from May 2026 activity.
Budget Size and Cost Allocation
The Budgeted CAT Costs for May–December 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 CAT Fee 2026-1 is expected to recover approximately two-thirds of the budgeted CAT costs for the period. Participants are expected to contribute the remaining one-third under the CAT Funding Model.
How Shares Are Counted
The fee is applied to executed equivalent shares: each executed share of NMS stocks counts as 1, each listed options contract counts according to its multiplier (for example, 100 executed equivalent shares), and each executed share in OTC Equity Securities counts as 0.01 executed equivalent share. The Operating Committee set a base Fee Rate of $0.000003799483243631228 per executed equivalent share, then divided by three and rounded to the $0.000001 per executed equivalent share assessed to CEBBs and CEBSs.
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Previous / Next Documents
Previous: 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!
Next: 2026-09350, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change 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, Cboe EDGX Exchange is setting new fees for industry members to cover their share of the costs for the Consolidated Audit Trail (CAT) system through the end of the year. This means brokers and trading firms will chip in to keep the CAT running smoothly and on budget. The fees kick in immediately and help fund important market oversight tools.