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.
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: 2026-09740 — 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.