EDGA Traders Pay Tiny Share for Fair and Transparent Audit Funding
Published Date: 5/12/2026
Notice
Summary
Starting May 1, 2026, Cboe EDGA 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 traders will chip in to keep the CAT running smoothly and on budget. The fees kick in immediately and help fund important market tracking tools that keep trading fair and transparent.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Per-Share CAT Fee for Executing Brokers
If you are a CEBB or CEBS (a CAT Executing Broker/Industry Member), the Exchange will assess CAT Fee 2026-1 for the period May 1, 2026 through December 31, 2026. The Operating Committee set a preliminary Fee Rate of $0.000003799483243631228 per executed equivalent share which is divided by three and rounded so CEBBs and CEBSs will be charged $0.000001 per executed equivalent share.
Budget and Cost Allocation for 2026-1
The Budgeted CAT Costs for May 1–December 31, 2026 (CAT Fee 2026-1 Period) 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 remaining one-third is to be borne by Participants.
Possible Pass-Through to Investors
If you have investments, your broker may pass CAT Fee 2026-1 on to you. The fee available to be passed through is $0.000001 per executed equivalent share for transactions from May 1, 2026 through December 31, 2026, and brokers may, but are not required to, pass their CAT Fees to clients.
How Different Trades Are Charged
The CAT Fee is charged per executed equivalent share. For May 1–December 31, 2026: each executed share of an NMS stock counts as 1 executed equivalent share; each executed listed option contract counts based on the contract multiplier (for many options this is 100 executed equivalent shares); each executed share of an OTC equity counts as 0.01 executed equivalent share. At the $0.000001 per executed equivalent share assessment, a listed option contract with multiplier 100 would correspond to $0.0001 per contract.
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Key Dates
Department and Agencies
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Previous / Next Documents
Previous: 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.
Next: 2026-09352, Self-Regulatory Organizations; Cboe BZX 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 BZX Exchange will charge industry members new fees to cover the costs of running the Consolidated Audit Trail (CAT) system through the end of the year. This means brokers and traders who are part of national exchanges will see these fees on their bills to help keep CAT up and running smoothly. The fees kick in immediately and cover the period through December 31, 2026.