NYSE American Bills Members for Old Audit Trail Costs
Published Date: 5/12/2026
Notice
Summary
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.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
New CAT fee: $0.000002 per share
If you are an Industry Member acting as a CAT Executing Broker, NYSE American will charge a new fee called Historical CAT Assessment 1A of $0.000002 per executed equivalent share. The fee seeks to recover $38,964,855.34 of past Consolidated Audit Trail costs, is payable to Consolidated Audit Trail, LLC (CAT LLC), and the first monthly invoices will be issued in June 2026 for May 2026 transactions.
Who bears the remaining $38.96M
The $38,964,855.34 of Historical CAT Costs being recovered by Historical CAT Assessment 1A will be charged collectively to CAT Executing Brokers, with CEBBs collectively responsible for $19,482,427.67 and CEBS collectively responsible for $19,482,427.67. Participants (exchanges) will not be invoiced for that share because their one-third share of Historical CAT Costs will be satisfied via cancellation of loans made to the Company.
How the fee is calculated per trade
The Historical CAT Assessment 1A for each transaction is calculated by multiplying executed equivalent shares by one-third and by the fee rate ($0.000002). Executed equivalent shares are counted as: each executed share in NMS Stocks = 1; each executed Listed Options contract = multiplier (e.g., 100 executed equivalent shares per contract); and each executed share in OTC Equity Securities = 0.01 executed equivalent share.
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Previous: 2026-09356, Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Arca Equities Fees and Charges and the NYSE Arca Options Fees and Charges 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 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.
Next: 2026-09358, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the NYSE Price List To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
The New York Stock Exchange is updating its fee list to charge industry members for leftover historical costs of the National Market System Plan that weren’t billed before. This means some members will now pay nearly $39 million to cover past expenses related to the Consolidated Audit Trail. These new fees take effect immediately, so affected members should be ready to pay up soon!