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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