Another Exchange Joins the CAT Fee Collection Party
Published Date: 5/18/2026
Notice
Summary
Starting May 1, 2026, Nasdaq ISE is charging industry members a tiny fee of $0.000001 per share 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 CAT’s budgeted expenses. Executing 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
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
Brokers charged $0.000001 per share
Starting May 1, 2026 and running through December 31, 2026, Nasdaq ISE will assess Industry Members that act as CAT Executing Brokers a fee of $0.000001 per executed equivalent share. Executing brokers will receive their first monthly invoice in June 2026 calculated from their May 2026 transactions.
May–Dec 2026 CAT budget: $15.15M
The budgeted CAT costs for May 1, 2026 through December 31, 2026 are $15,149,648. CEBBs collectively are allocated one-third of that amount ($5,049,882.67) and CEBSs collectively are allocated one-third of that amount ($5,049,882.67).
Fee-rate math and share counting rules
The Operating Committee calculated a Fee Rate of $0.000003799483243631228 per executed equivalent share, then divided that figure by three and rounded to produce the $0.000001 per executed equivalent share assessed to CEBBs and CEBSs. For fee calculations, executed equivalent shares count as: 1 per executed share for NMS stocks, the option contract multiplier (e.g., 100) for listed options, and 0.01 per executed share for OTC equity securities.
Brokers may pass fee to customers
The Commission recognized that Industry Members may pass through CAT fees for customer-executed volume, so customer-facing charges could reflect the CAT Fee for May–December 2026. That recognition means brokers might include the per-share CAT charge in customer fees or routing/billing practices.
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Key Dates
Department and Agencies
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Previous / Next Documents
Previous: 2026-09858 — Self-Regulatory Organizations; Nasdaq Texas, LLC; 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, Nasdaq Texas will charge industry members a tiny fee of $0.000001 per share 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. Industry members will see their first bill in June based on May’s trading activity, so get ready to chip in for keeping the market’s audit trail sharp and smooth!
Next: 2026-09860 — Self-Regulatory Organizations; Nasdaq MRX, LLC; 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, Nasdaq MRX is charging industry members a tiny fee of $0.000001 per share to help cover the costs of the Consolidated Audit Trail (CAT) system. This fee will run through the end of December 2026, with the first bills arriving in June based on May trades. If you’re a broker or exchange member, get ready to chip in for this important market tracking tool!