NYSE Arca Charges Traders for Past CAT System Debts
Published Date: 5/12/2026
Notice
Summary
Starting now, NYSE Arca is adding new fees for industry members to cover some past costs of the National Market System’s Consolidated Audit Trail that weren’t fully paid before. These fees affect traders and firms using NYSE Arca’s equities and options markets and will help settle leftover bills from before 2022. The new charges kick in immediately, so members should be ready to see these updates on their bills.
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
New CAT Historical Assessment Fee
NYSE Arca is establishing Historical CAT Assessment 1A to collect $38,964,855.34 of past Consolidated Audit Trail (CAT) costs that were not invoiced previously. The fee rate will be $0.000002 per executed equivalent share payable to CAT LLC, and first invoices will be issued in June 2026 for May 2026 transactions.
Buy- and Sell-Side Split of Liability
The $38,964,855.34 remaining Historical CAT Costs 1 will be recovered equally from buy-side and sell-side CAT Executing Brokers: CEBBs collectively are responsible for $19,482,427.67 and CEBSs collectively are responsible for $19,482,427.67. These collective amounts will be recovered via Historical CAT Assessment 1A.
Fee Calculation and What Triggers It
Historical CAT Assessment 1A will be charged for each applicable transaction in Eligible Securities to the CAT Executing Broker identified in CAT Data. Executed equivalent shares are counted as follows: each NMS Stock share = 1; each Listed Options contract = multiplier (e.g., 100 executed equivalent shares); each OTC Equity share = 0.01 executed equivalent share; each transaction's fee is calculated by multiplying the executed equivalent shares by one-third and by the fee rate $0.000002.
Brokers May Pass Fees to Customers
The Commission recognized that Industry Members may pass-through CAT fees for customer executed volume, meaning brokers could charge customers for these CAT funding fees on executed trades. If firms choose to pass through the charge, customer-facing trade costs could reflect the new fee.
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Previous / Next Documents
Previous: 2026-09355, Self-Regulatory Organizations; Cboe 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 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 take effect immediately and keep the CAT system running smoothly and fairly.
Next: 2026-09357, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend the NYSE American Equities Price List and the NYSE American Options Fee Schedule To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Starting now, NYSE American is charging industry members new fees to cover some leftover costs from the National Market System’s Consolidated Audit Trail before 2022. If you’re part of the trading world, expect these fees to show up soon since the old fee system ended. This change helps clear up past expenses and keeps the system running smoothly.