24X Exchange Joins the Micro-Penny CAT Fee Party
Published Date: 5/15/2026
Notice
Summary
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!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Per-share CAT fee for executing brokers
Starting May 1, 2026, CAT Executing Brokers (CEBBs and CEBSs) will be charged $0.000001 per executed equivalent share. The fee applies through December 31, 2026, and executing brokers will receive their first monthly invoice in June 2026 based on May 2026 activity.
Budget and who pays the CAT costs
The Budgeted CAT Costs for May 1, 2026 through December 31, 2026 are $15,149,648. The CAT Fee 2026-1 is anticipated to recover approximately two-thirds of those costs; CEBBs collectively are responsible for one-third ($5,049,882.67) and CEBSs collectively are responsible for one-third ($5,049,882.67), with the remaining one-third to be covered by Participants.
How transactions are counted for the fee
For fee calculation, executed equivalent shares are counted as follows: each executed share for NMS Stocks = 1 executed equivalent share; each executed Listed Options contract = the applicable multiplier (e.g., 100); each executed share for OTC Equity Securities = 0.01 executed equivalent share. The fee charged to CEBBs/CEBSs is applied to these executed equivalent share counts.
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Previous / Next Documents
Previous: 2026-09732, Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend FINRA Rule 6897 (Consolidated Audit Trail Funding Fees) 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, 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!
Next: 2026-09734, Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Nasdaq Texas is setting new fees for industry members to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. These fees, called Historical CAT Assessment 1A, will collect about $39 million that wasn’t billed before. The new charges start right away and will be added to the Exchange’s fee schedule, so members should get ready to pay a tiny fee per trade executed.