FINRA's Micro-Fee: One-Millionth of a Cent Per Trade
Published Date: 5/15/2026
Notice
Summary
Starting May 1, 2026, FINRA is setting a tiny new fee of $0.000001 per share for industry members to help cover the costs of running the Consolidated Audit Trail (CAT) system. This fee will last through the end of 2026 and will be billed monthly starting in June. If you’re a broker handling trades, get ready to chip in for keeping the market’s audit trail smooth and reliable!
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Broker-Dealer Per-Share CAT Fee
Starting May 1, 2026, FINRA will assess a CAT Fee called CAT Fee 2026-1 of $0.000001 per executed equivalent share to CAT Executing Brokers (CEBBs and CEBSs). The fee period runs May 1, 2026 through December 31, 2026, CAT Executing Brokers will receive their first monthly invoice in June 2026 (for May 2026 activity), and the fee is intended to recover about two-thirds of the Budgeted CAT Costs 2026-1 of $15,149,648.
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Key Dates
Department and Agencies
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Previous: 2026-09731, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule 7.37 and Correct Rule 7.37(e)
The New York Stock Exchange (NYSE) is updating its rules to clearly say it uses data feeds from the Texas Stock Exchange (TXSE) for handling and executing orders, plus for following regulations. They’re also fixing a small mistake by putting the list of exchanges in the right alphabetical order. These changes take effect right away and help keep trading smooth and accurate for everyone involved.
Next: 2026-09733, Self-Regulatory Organizations; 24X National Exchange 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, 24X National Exchange 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 will last through the end of 2026 and aims to cover about two-thirds of the CAT’s budgeted expenses. Executing brokers will get their first bill in June based on May’s activity, so everyone involved should get ready to chip in!