Cboe C2 Charges Traders for Unbilled Past Audit Fees
Published Date: 5/14/2026
Notice
Summary
Cboe C2 Exchange is updating its fee schedule to charge Industry Members for some past costs related to the Consolidated Audit Trail that weren’t billed before January 1, 2022. This means certain members will see new fees starting right away to cover these historical expenses. The change is effective immediately, so affected members should be ready for the updated charges.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Industry Members Billed $38.96M
The Exchange will charge Industry Members (CAT Executing Brokers: CEBBs and CEBSs) a Historical CAT Assessment 1A to recover $38,964,855.34 of past Consolidated Audit Trail costs that were not invoiced before. The outstanding amount is split equally so CEBBs will be charged $19,482,427.67 and CEBSs will be charged $19,482,427.67, effective immediately after the filing on April 27, 2026.
Per-Share Fee Rate Set at $0.000002
The Operating Committee set the Historical CAT Assessment 1A fee rate at $0.000002. Each monthly Historical CAT Assessment for a transaction is calculated by multiplying the number of executed equivalent shares by one-third and by the Historical Fee Rate (i.e., executed equivalent shares × 1/3 × $0.000002). Executed equivalent shares count NMS stock shares as 1, listed options contracts by their multiplier (e.g., 100), and OTC equity shares as 0.01.
Brokers May Pass-Through Fees To Customers
The Commission recognized that Industry Members may pass-through CAT fees for customer executed volume. That means if your broker is charged these Historical CAT Assessment fees, they may pass some or all of the cost to you based on the $0.000002 fee rate and the executed-equivalent-share calculation.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-16853, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Its Price List
The New York Stock Exchange is changing its price rules starting August 11, 2026. They’re tweaking the share amount needed to get free late D Orders at the market close and cleaning up some wording. This affects traders using these order types and could save or cost them money depending on their order size.
2026-16855, Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Equity 4, Rule 3100 Regarding Trading Halts
Previous / Next Documents
Previous: 2026-09589, Self-Regulatory Organizations; National Securities Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Facilitate the Exchange of a Mutual Fund Share to an Exchange-Traded Fund Share, Shorten the Settlement Time for Certain Networking Payments, and Clarify Certain Fees
The National Securities Clearing Corporation (NSCC) just made it easier and faster for investors to swap mutual fund shares for exchange-traded fund (ETF) shares. They’re also speeding up payment settlements and clearing up some fee details for their members. These changes kicked in right away on May 1, 2026, helping members save time and understand costs better.
Next: 2026-09591, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule Entitled “Consolidated Audit Trail Funding Fees”
Cboe Exchange is updating its fee schedule to charge Industry Members for some past costs related to the Consolidated Audit Trail that weren’t billed before January 1, 2022. This change means certain members will see new fees starting right away to cover these historical expenses. If you’re part of the trading world, keep an eye on your bills—they might look a little different soon!