MEMX Imposes Micro-Fees for Audit Trail Expenses Through 2026
Published Date: 5/15/2026
Notice
Summary
Starting May 1, 2026, MEMX is charging industry members a tiny fee of $0.000001 per share traded 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. Brokers will get their first bill in June based on May’s trades, so everyone involved should get ready to chip in!
Analyzed Economic Effects
5 provisions identified: 0 benefits, 5 costs, 0 mixed.
Per-Share CAT Fee Set at $0.000001
Beginning May 1, 2026 and running through December 31, 2026, MEMX will assess CAT Fee 2026-1 of $0.000001 per executed equivalent share. The Operating Committee calculated an underlying Fee Rate of $0.000003799483243631228 per executed equivalent share, then divided that rate by three and rounded to arrive at $0.000001 per executed equivalent share.
Brokers Billed Monthly; First Invoice June
CAT Executing Brokers for the Buyer (CEBB) and for the Seller (CEBS) will be billed monthly for CAT Fee 2026-1. CAT Executing Brokers will receive their first monthly invoice in June 2026 based on transactions they executed as CEBB and/or CEBS in May 2026.
Who Bears the $15.15M CAT Budget
The Budgeted CAT Costs for May–December 2026 are $15,149,648. CEBBs collectively are allocated one-third of those costs ($5,049,882.67) and CEBSs collectively are allocated one-third of those costs ($5,049,882.67); Participants are intended to contribute the remaining one-third.
How Shares Are Counted for Fees
For calculating CAT Fees, executed equivalent shares are counted as: each executed share in NMS Stocks = 1 executed equivalent share; each executed Listed Options contract = multiplier (e.g., 100 executed equivalent shares); each executed OTC Equity share = 0.01 executed equivalent share.
Regulator Noted Brokers May Pass-Through Fees
The Commission noted in its approval order that Industry Members may pass-through CAT fees for customer executed volume. That means brokers could charge customers for these CAT fees on executed trades.
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
2026-12163 — 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!
2026-13362 — Self-Regulatory Organizations; The Depository Trust Company; Notice of Filing of Proposed Rule Amend the Redemptions Service Guide and the Operational Arrangements (Necessary for Securities To Become and Remain Eligible for DTC Services)
The Depository Trust Company (DTC) is updating its rules to make paying out money for matured or called securities easier and faster. Agents won’t need to send certain paper forms anymore and will get automatic updates, with most having to join this new process unless they opt out. These changes aim to save time and reduce paperwork, starting once approved, with no extra costs for participants.
2026-13358 — Agency Information Collection Activities; Proposed Collection; Comment Request; Extension: Rules 15Ba1-1 to 15Ba1-8-Registration of Municipal Advisors and Forms MA, MA-I, MA-W, and MA-NR
The SEC is asking for comments to keep the rules and forms that municipal advisors use to register with the agency. This affects anyone giving financial advice to cities or towns about bonds and money matters. The goal is to extend the current paperwork requirements without adding new costs or deadlines, keeping everything running smoothly.
Previous / Next Documents
Previous: 2026-09744 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Options 7, Section 1
Nasdaq is updating its options trading rules to add two new terms, “Exposed Order” and “Lead Market Maker,” as part of a tech upgrade launching July 27, 2026. This change affects traders and market makers using Nasdaq’s options platform and aims to keep things clear and smooth during the upgrade. No new fees are mentioned, but everyone should be ready for the switch on that date!
Next: 2026-09746 — Procurement List; Additions
The government is adding new products to a special list that only nonprofits employing people who are blind or severely disabled can supply. Starting May 31, 2026, these nonprofits will be the go-to source for these products, helping create jobs and support their missions. This change means federal buyers will have a new, trusted place to get these items, with no extra costs or paperwork for small businesses.