Nasdaq PHLX Digs Up Old CAT Costs for New Fees
Published Date: 5/15/2026
Notice
Summary
Nasdaq PHLX 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 for costs before 2022 that weren’t billed before. The fees kick in right away and are charged per share traded, so traders should get ready to chip in!
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Who Pays and Who Is Exempt
The remaining $38,964,855.34 of Historical CAT Costs 1 will be recovered from CAT Executing Brokers, split equally so CEBBs collectively owe $19,482,427.67 and CEBS collectively owe $19,482,427.67. Participants (the exchanges and FINRA) will not be invoiced for these Historical CAT Assessments; instead their one-third share of Historical CAT Costs will be satisfied by cancellation of loans made to CAT LLC.
New Per-Share CAT Fee
If you are a CAT Executing Broker (the Industry Member identified on trade reports), you will be charged Historical CAT Assessment 1A to recover $38,964,855.34 of past Consolidated Audit Trail costs. The fee rate is $0.000002 per executed equivalent share and the first monthly invoices will be sent in June 2026 (based on May 2026 transactions).
How Shares Are Counted for Fees
The fee is calculated using "executed equivalent shares": each executed share of an NMS Stock counts as 1, each executed Listed Option contract is counted based on its contract multiplier (for example, 100), and each executed share of an OTC Equity counts as 0.01 executed equivalent share. The Historical CAT Assessment for each transaction is calculated by multiplying the executed equivalent shares by one-third and by the Historical Fee Rate.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
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!
2026-09964 — Self-Regulatory Organizations; MIAX SAPPHIRE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Short Term Option Series Program
MIAX Sapphire is updating its Short Term Option Series Program to clear up how Monday and Wednesday short-term options work when a company announces earnings after the market closes. This change helps traders understand option listings better and keeps things running smoothly. The update is effective immediately and mainly affects traders dealing with these special short-term options.
2026-09951 — Proposed Collection; Comment Request; Extension: Rule 206(4)-6
The SEC wants to keep the rules that make sure investment advisers vote your shares in your best interest. This affects advisers who vote proxies for clients and requires them to keep clear policies, share how they vote, and handle conflicts fairly. They’re asking for comments before extending this rule, with no big changes or extra costs expected, so everything stays transparent and trustworthy.
2026-09967 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Chapter 8 of the Exchange's Rulebook Relating To Investigative and Disciplinary Matters
Cboe EDGX Exchange is updating its rules about how it investigates and disciplines its members and their associates. These changes clarify who the Exchange can discipline and improve the process to keep things fair and clear. The new rules took effect right after filing on May 4, 2026, with no new fees involved.
2026-09960 — Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Exchange Rule 515A, MIAX Emerald Price Improvement Mechanism and PRIME Solicitation Mechanism
MIAX Emerald is updating its rules to let Market Makers join special auctions called PRIME and cPRIME as potential trading partners. This change helps speed up trades and could improve prices for investors using these options. The new rule took effect right after filing on May 1, 2026, so Market Makers and traders should get ready for smoother, faster deals!
2026-09965 — Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the NYSE Arca Options Fee Schedule To Adopt Fees Applicable to Trading Options on MXWLD, MXACW, and MXUSA
Starting May 1, 2026, NYSE Arca is updating its options fee schedule to include new fees for trading options on three cool indexes: MSCI World (1/100), MSCI ACWI, and MSCI USA (1/100). Traders and investors dealing with these options will see these changes right away, making it clear how much it costs to trade these fresh products. This update helps keep fees fair and transparent as new options hit the market!
Previous / Next Documents
Previous: 2026-09735 — Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Designation of a Longer Period for Commission Action on a Proposed Rule Change To Adopt Extended Trading Hours for Eligible Equity and Index Options
Nasdaq MRX wants to let people trade certain stock and index options for longer hours. The SEC is taking extra time, until June 29, 2026, to decide if this change is a good idea. This could mean more chances to trade and possibly more money-making opportunities for investors.
Next: 2026-09737 — Self-Regulatory Organizations; The Nasdaq Stock Market 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 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 will collect about $39 million that wasn’t charged before and start right away. If you’re part of the trading world, get ready to chip in for these past expenses!