Cboe BZX Hikes Fees for CAT System Through 2026
Published Date: 5/12/2026
Notice
Summary
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.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
New per-share CAT fee
Starting May 1, 2026 and running through December 31, 2026, Cboe BZX will charge Industry Members that act as CAT Executing Brokers (CEBBs and CEBSs) a CAT fee of $0.000001 per executed equivalent share for transactions in Eligible Securities. The fee rate was derived from a calculated Fee Rate of $0.000003799483243631228 per executed equivalent share which was divided by three and rounded to $0.000001, and fees are assessed monthly based on prior-month transaction data.
Budgeted CAT costs and allocation
The Budgeted CAT Costs for May 1, 2026 through December 31, 2026 are listed as $15,149,648. CEBBs collectively are allocated one-third of that amount ($5,049,882.67) and CEBSs collectively are allocated one-third of that amount ($5,049,882.67).
Brokers may pass fees to clients
The filing states that CEBBs and CEBSs may, but are not required to, pass through their CAT Fees to their clients, and those clients may in turn pass fees to their clients until the fee is imposed on the account that executed the transaction. If passed through, these fees could increase costs charged to investment accounts during May 1, 2026 through December 31, 2026.
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Previous / Next Documents
Previous: 2026-09351, Self-Regulatory Organizations; Cboe EDGA 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 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.
Next: 2026-09353, Self-Regulatory Organizations; Cboe BYX 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 BYX 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 who are part of national exchanges will see updated fees to help fund this important market tracking tool. The changes kick in immediately and keep the CAT system running smoothly and fairly.