Cboe Exchange Hits Members with Retroactive Audit Charges
Published Date: 5/14/2026
Notice
Summary
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!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
One-Time Historical CAT Fee Recovery
If you are an Industry Member (a member of a national securities exchange or national securities association), Cboe will collect Historical CAT Assessment 1A to recover $38,964,855.34 of past Consolidated Audit Trail (CAT) costs that were not invoiced before. The outstanding amount will be recovered collectively from CAT Executing Brokers (CEBBs and CEBSs), with CEBBs and CEBSs each responsible for $19,482,427.67.
Fee Rate and Transaction Calculation
The Operating Committee set the Historical CAT Assessment 1A fee rate at $0.000002. For each applicable transaction in Eligible Securities, the Historical CAT Assessment is calculated by multiplying the number of executed equivalent shares by one‑third and then by the Historical Fee Rate.
Which Firms Pay and Possible Pass-Through
The Historical CAT Assessment 1A will be charged to CAT Executing Brokers (CEBBs and CEBSs), defined by the Industry Member identifiers in CAT Data for buy- and sell-side executing brokers; where a non-Industry Member is identified as contra-side, the Industry Member executing broker may be treated as liable for both sides. The Commission noted that Industry Members may pass through CAT fees for customer-executed volume, so end customers could see these costs reflected in trading bills.
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Key Dates
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Previous: 2026-09590 — Self-Regulatory Organizations; Cboe C2 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 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.
Next: 2026-09592 — Self-Regulatory Organizations; Cboe BYX 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 BYX 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!