Texas Stock Exchange Bills Traders for Past Audit Trail Expenses
Published Date: 9/16/2026
Notice
Summary
The Texas Stock Exchange is updating its fee schedule to charge industry members for certain past costs tied to the National Market System Plan that manages the Consolidated Audit Trail. These new fees cover both physical and logical connectivity at key facilities and start as soon as the Exchange begins national operations. If you’re part of the trading world, get ready to budget for these new charges starting now!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Exchanges' One-Third Paid by Loan Cancellation
The filing states Participants (the exchanges/SROs) will not be charged the Historical CAT Assessment; instead, the Participants’ one-third share of Historical CAT Costs ($106,019,939.67) will be paid by cancellation of loans made by the Participants to the Company. The filing also states Participants will remain 100% responsible for certain Excluded Costs totaling $83,253,090.
Industry Fee to Recover $38.96M CAT Costs
The filing would charge Industry Members identified as CAT Executing Brokers (CEBBs and CEBSs) a Historical CAT Assessment 1A to recover $38,964,855.34 of previously un-invoiced CAT costs incurred prior to January 1, 2022. The Operating Committee set a Historical Fee Rate of $0.000002; each transaction’s charge is calculated by taking the executed equivalent shares, multiplying by one-third, and then by $0.000002; CEBBs and CEBSs would each be collectively responsible for $19,482,427.67 of the $38,964,855.34.
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Key Dates
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