Nasdaq ISE Adds Tiny Fees for Unbilled Past Costs
Published Date: 5/15/2026
Notice
Summary
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.
Analyzed Economic Effects
5 provisions identified: 0 benefits, 4 costs, 1 mixed.
New tiny per-share historical CAT fee
The Exchange and CAT LLC will charge a new Historical CAT Assessment called 1A to recover $38,964,855.34 in unpaid historical Consolidated Audit Trail costs. The fee rate is $0.000002 per executed equivalent share and the collected fees are payable to Consolidated Audit Trail, LLC.
Who is billed: CAT Executing Brokers
Historical CAT Assessment 1A will be charged to CAT Executing Brokers identified as CAT Executing Brokers for the Buyer (CEBB) and for the Seller (CEBS) for each applicable transaction in Eligible Securities. The first monthly invoice to CAT Executing Brokers will be in June 2026 and will be calculated based on their May 2026 transactions.
Buyer/seller split of the unpaid balance
The remaining $38,964,855.34 of Historical CAT Costs 1 will be recovered from CEBBs and CEBSs collectively, with CEBBs responsible for $19,482,427.67 and CEBSs responsible for $19,482,427.67.
How each transaction is billed
For each month in effect, the Historical CAT Assessment for a transaction is calculated by multiplying the executed equivalent shares by one-third and by the Historical Fee Rate. Executed equivalent shares count as: NMS Stocks = 1 per share, Listed Options = multiplier (e.g., 100) per contract, and OTC Equity Securities = 0.01 per share.
Participants’ one-third share handled differently
Participants will not be invoiced for the Historical CAT Assessment; Participants' one-third share of Historical CAT Costs will be satisfied by cancelling loans the Participants previously made to the Company on a pro rata basis, and Participants remain fully responsible for certain Excluded Costs.
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Key Dates
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Previous / Next Documents
Previous: 2026-09740, Self-Regulatory Organizations; Nasdaq GEMX, 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 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.
Next: 2026-09742, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fees Schedule To Adopt a New Fee Code for Market-Maker Complex Orders Executed on the Complex Order Book That Add Liquidity in Penny Program Securities and To Amend Its Orders Submitted With a Designated Give Up Program
Starting May 1, 2026, Cboe BZX Exchange is updating its fees to add a new code for Market-Maker Complex orders that add liquidity in Penny Program Securities. They’re also tweaking rules for orders using the Designated Give Up program. These changes mainly affect market makers and traders, aiming to make fees clearer and trading smoother.