NYSE Demands $39M from Traders for Ancient CAT Bills
Published Date: 5/12/2026
Notice
Summary
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!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Brokers Billed Nearly $39M Retro Costs
If you are an Industry Member identified as a CAT Executing Broker (a CEBB or CEBS), the NYSE will collect the remaining $38,964,855.34 of historical Consolidated Audit Trail (CAT) costs via a new fee called Historical CAT Assessment 1A. CAT Executing Brokers will begin receiving monthly invoices in June 2026 based on their May 2026 transactions.
Per-Share Fee Rate and Billing Formula
The fee rate for Historical CAT Assessment 1A is set at $0.000002 per executed equivalent share. For each transaction the fee is calculated by multiplying the executed equivalent shares by one-third and then by the $0.000002 fee rate; invoices are issued monthly to CAT Executing Brokers for the prior month's transactions.
Exchanges' One-Third Paid Via Loan Cancellation
The Participants (e.g., the exchanges) will not be invoiced for the Historical CAT Assessment; instead their one-third share of Historical CAT Costs 1 (totaling $106,019,939.67) will be paid by canceling loans they previously made to CAT LLC on a pro rata basis. Participants also remain 100% responsible for certain Excluded Costs totaling $83,253,090.
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Previous / Next Documents
Previous: 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.
Next: 2026-09359, 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 Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
NYSE Texas is updating its fee schedule to charge industry members for leftover historical costs from the National Market System Plan’s Consolidated Audit Trail, covering expenses before 2022. This means some members will see new fees totaling nearly $39 million to help cover these past costs. The change is effective immediately, so affected members should be ready to pay soon.