Texas Stock Exchange Hikes Fees for Audit Trail Through 2026
Published Date: 9/29/2026
Notice
Summary
Starting May 1, 2026, the Texas Stock Exchange is updating its fee schedule to charge industry members for their share of the costs related to the Consolidated Audit Trail (CAT) system. These fees will cover the period through December 31, 2026, helping keep the market's audit system running smoothly. If you’re part of the industry, expect these new fees to kick in soon!
Analyzed Economic Effects
4 provisions identified: 0 benefits, 4 costs, 0 mixed.
New CAT Fee 2026-1 Charges Industry Members
Starting May 1, 2026 and through December 31, 2026, the Exchange will assess a CAT Fee (CAT Fee 2026-1) on CAT Executing Brokers (CEBBs and CEBSs). The fee rate assessed to CEBBs and CEBSs will be $0.000001 per executed equivalent share for each applicable transaction in Eligible Securities.
Budgeted CAT Costs Total $15.15M; Allocation
The Budgeted CAT Costs for May 1, 2026 through December 31, 2026 are $15,149,648. One-third of that amount ( $5,049,882.67 ) is allocated collectively to CEBBs and one-third ( $5,049,882.67 ) is allocated collectively to CEBSs.
How Fees Are Calculated Per Security Type
The Fee Rate was calculated from a preliminary rate of $0.000003799483243631228 per executed equivalent share, then divided by three and rounded to $0.000001 per executed equivalent share to be assessed. Executed equivalent shares are counted as: each executed share in NMS Stocks = 1; each executed contract in Listed Options = multiplier (e.g., 100 executed equivalent shares); and each executed share in OTC Equity Securities = 0.01 executed equivalent share.
Possible Pass-Through of CAT Fees to Customers
The Commission recognized that Industry Members may pass-through CAT fees for customer executed volume. That means Industry Members could pass some or all of the CAT Fee 2026-1 costs onto customers executing trades.
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