Cboe EDGX Recoups Past Audit Trail Costs via Fees
Published Date: 5/14/2026
Notice
Summary
Cboe EDGX 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, get ready to spot these updates on your bills soon!
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Participants’ One-Third Paid by Loan Cancellation
The Participants will not be invoiced for a Historical CAT Assessment for their share; instead, Participants' one‑third share of Historical CAT Costs (which is $106,019,939.67) will be satisfied by cancellation of loans made by the Participants to the Company on a pro rata basis. Participants also remain responsible for certain Excluded Costs described in the filing.
New Historical CAT Fee for Industry Members
If you are an Industry Member (a member of a national securities exchange or national securities association), the Exchange will charge a Historical CAT Assessment (1A) to recover $38,964,855.34 of past Consolidated Audit Trail (CAT) costs incurred prior to January 1, 2022. The Operating Committee set the Historical Fee Rate at $0.000002 and the fee for each transaction will be calculated by multiplying the number of executed equivalent shares by one‑third and by $0.000002; CEBBs and CEBSs are each allocated $19,482,427.67 of the total.
Potential Pass-Through of CAT Fees to Customers
The Commission recognized that Industry Members may pass through CAT fees for customer‑executed volume, so brokers and executing firms could include these Historical CAT Assessment charges on bills for customer trades. If passed through, the charges would reflect the Historical CAT Assessment calculation (executed equivalent shares × one‑third × $0.000002) on applicable transactions.
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Previous / Next Documents
Previous: 2026-09593, Self-Regulatory Organizations; Cboe EDGA 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 EDGA 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!
Next: 2026-09595, Self-Regulatory Organizations; Cboe BZX 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 BZX 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 members of national securities exchanges will see new fees to cover these historical expenses, effective immediately. If you’re part of the trading world, get ready to spot these changes on your bills soon!