Nasdaq PHLX Adds Small Fee for Essential Market Tracking
Published Date: 5/14/2026
Notice
Summary
Starting May 1, 2026, Nasdaq PHLX is charging industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee will run through the end of December 2026, with the first bills arriving in June based on May trades. If you’re a broker or exchange member, get ready to chip in for this important market tracking tool!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Per-Share CAT Fee for Executing Brokers
Starting May 1, 2026, Nasdaq PHLX will charge CAT Fee 2026-1 of $0.000001 per executed equivalent share to CAT Executing Brokers (CEBBs and CEBSs). The fee runs through December 31, 2026, and the first invoices will be sent in June 2026 based on May 2026 transactions.
Budget and Who Pays What
The Budgeted CAT Costs for May–December 2026 are $15,149,648. CEBBs are collectively allocated one-third ($5,049,882.67) and CEBSs are collectively allocated one-third ($5,049,882.67), with Participants expected to cover the remaining one-third. The CAT Fee 2026-1 is anticipated to recover about two-thirds of the 2026 reasonably budgeted CAT costs.
How Transactions Are Counted for Fees
For fee billing, each executed equivalent share is counted differently by product: each executed share in NMS stocks counts as 1 executed equivalent share; each executed contract in Listed Options counts based on the contract multiplier (for example, 100 executed equivalent shares per contract); and each executed share in OTC Equity Securities counts as 0.01 executed equivalent share.
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Key Dates
Department and Agencies
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Previous: 2026-09599 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for May 1, 2026 Through December 31, 2026
Starting May 1, 2026, Nasdaq will charge industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee runs through December 31, 2026, with the first bills arriving in June based on May trades. If you’re a broker or part of the trading world, get ready to chip in for keeping the market’s audit trail sharp and up-to-date!
Next: 2026-09601 — Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Description and Contents of GEMX Trade Outline Products
Nasdaq GEMX is updating how it describes and shares info about its Trade Outline products, including adding Market Makers as a data source. This change helps traders and market pros get clearer, more organized end-of-day trade details. The update is effective immediately and won’t affect costs but improves how trade info is presented.