Nasdaq GEMX Charges Fees for Old Audit Trail Debts
Published Date: 5/15/2026
Notice
Summary
Nasdaq GEMX 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 start right away and will be charged per share traded, helping keep the audit trail running smoothly.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 2 costs, 1 mixed.
New $0.000002 Per-Share CAT Fee
Nasdaq GEMX is setting a new fee called Historical CAT Assessment 1A to collect $38,964,855.34 of past Consolidated Audit Trail (CAT) costs incurred before January 1, 2022. The fee rate is $0.000002 per executed equivalent share, and first monthly invoices will be sent in June 2026 based on May 2026 transactions.
Buyer/Seller Brokers Each Billed Half
The outstanding $38,964,855.34 will be split so CAT Executing Brokers for buyers (CEBBs) are collectively charged $19,482,427.67 and CAT Executing Brokers for sellers (CEBSs) are collectively charged $19,482,427.67. Participants (the exchanges/FINRA) will not be invoiced for these Historical CAT Assessment fees and instead will have their one-third share addressed via cancellation of loans they previously made to CAT LLC.
How Fees Are Calculated By Security Type
The fee will be calculated using executed equivalent shares: each executed share in an NMS stock counts as 1 executed equivalent share, each listed options contract counts by its multiplier (for example 100 executed equivalent shares per options contract), and each executed share in OTC equity securities counts as 0.01 executed equivalent share.
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: 2026-09739 — Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of Proposed Change To Amend the Exchange's Rules To Enable the Trading of Securities on the Exchange in Tokenized Form
NYSE American is updating its rules to let people trade securities as digital tokens, thanks to a new pilot program by the Depository Trust Company. This change affects traders and companies using the Exchange, making trading faster and more modern. The new rules took effect right away on May 1, 2026, opening the door to a fresh way of buying and selling stocks with no extra fees announced yet.
Next: 2026-09741 — Self-Regulatory Organizations; Nasdaq ISE, 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 ISE is setting new fees to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail. Industry members will pay a tiny fee per share traded to help pay off about $39 million in past expenses not billed before. These fees start right away and show how the Exchange keeps the system fair and funded.