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.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-16700, Stone Point Credit Income Fund and Stone Point Credit Income Adviser LLC
2026-16691, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend its Fee Schedule
Cboe BZX Exchange is updating its fee schedule starting now! They’re removing an old discount tier, adding a new one just for single MPID investors, and dropping expired liquidity provision rates. Traders using BZX Equities should check these changes since they could affect their fees immediately.
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.