MIAX Emerald Collects Dust-Off Fees for Old CAT
Published Date: 5/12/2026
Notice
Summary
MIAX Emerald is updating its fee schedule to charge industry members for some leftover historical costs from the National Market System Plan’s Consolidated Audit Trail, covering expenses from before 2022. This change means members will now pay fees to cover about $39 million in past costs that weren’t billed before. The new fees take effect immediately, so affected members should be ready to pay up soon!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Industry Members Charged $38.96M Historic CAT Bill
If you are an Industry Member (a member of a national securities exchange or national securities association), MIAX Emerald will charge Industry Members to recover $38,964,855.34 in Consolidated Audit Trail (CAT) costs incurred prior to January 1, 2022. The remaining amount was not invoiced under the prior assessment and will be collected via a new Historical CAT Assessment called "Historical CAT Assessment 1A."
New Per-Share Fee Rate and Billing Formula
The Exchange's fee schedule establishes Historical CAT Assessment 1A at a fee rate of $0.000002 per executed equivalent share. For each invoice month, the fee for each transaction will be calculated by multiplying executed equivalent shares by one-third and by the $0.000002 fee rate; CAT Executing Brokers will receive their first monthly invoice in June 2026 (for May 2026 transactions).
Allocation Between Buyer and Seller Brokers
Historical CAT Assessment 1A will allocate the $38,964,855.34 evenly between CAT Executing Brokers for the Buyer (CEBBs) and CAT Executing Brokers for the Seller (CEBSs), with each group collectively responsible for $19,482,427.67. Fees will be payable to Consolidated Audit Trail, LLC and labeled in the Exchange's fee schedule under "Consolidated Audit Trail Funding Fees."
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