Nasdaq Exchange Adds Tiny Per-Share CAT Fee
Published Date: 5/18/2026
Notice
Summary
Nasdaq MRX is setting new fees to cover leftover historical costs from the National Market System Plan for the Consolidated Audit Trail that weren’t paid before 2022. Industry members who trade shares will now pay a tiny fee per share to help cover nearly $39 million in past expenses. These fees kick in right away and show up on the Exchange’s fee schedule under a new category.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
Per‑Share Fee to Cover $38.96M
Nasdaq MRX is charging Industry Members who act as CAT Executing Brokers a new fee called Historical CAT Assessment 1A to collect $38,964,855.34 in unpaid historical Consolidated Audit Trail (CAT) costs. The fee rate is $0.000002 per executed equivalent share, is payable to Consolidated Audit Trail, LLC, and will appear on the Exchange fee schedule under "Consolidated Audit Trail Funding Fees."
Who Pays: Buyer/Seller Brokers Split
The outstanding $38,964,855.34 of Historical CAT Costs 1 will be recovered from CAT Executing Brokers with CEBBs collectively responsible for $19,482,427.67 and CEBSs collectively responsible for $19,482,427.67. Participants (the exchanges) remain responsible for one‑third of Historical CAT Costs through cancellation of loans rather than an Industry Member fee.
How Shares Are Counted for Fees
The fee is applied per executed equivalent share: each executed share in NMS stocks counts as 1; each executed contract in listed options counts by the contract 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. The Historical CAT Assessment multiplies executed equivalent shares by one‑third and by the fee rate when invoicing.
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Previous / Next Documents
Previous: 2026-09854 — Self-Regulatory Organizations; Financial Industry Regulatory Authority, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend FINRA Rule 6897 (Consolidated Audit Trail Funding Fees) To Establish Fees for Industry Members Related to Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
FINRA is updating its rules to charge industry members fees for leftover historical costs of the Consolidated Audit Trail system that weren’t covered before. If you’re part of the financial industry, expect to pay your share of about $39 million in fees starting now. This change kicks in immediately to wrap up past expenses and keep the system running smoothly.
Next: 2026-09856 — Self-Regulatory Organizations; Long-Term Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for Industry Members Related To Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for May 1, 2026 Through December 31, 2026
Starting May 1, 2026, the Long-Term Stock Exchange (LTSE) will charge industry members new fees to cover their share of the costs for the Consolidated Audit Trail (CAT) system through the end of the year. This means brokers and traders who are part of national exchanges will see these fees kick in to help keep the CAT system running smoothly and fairly. The fees are based on a reasonable budget and start immediately, so members should be ready to budget accordingly!