Tax & Finance

NYSE American CAT Funding Fee for May–December 2026

🇺🇸United States··Notice·Medium Impact·View source ↗

AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.

🇬🇧 English

NYSE American will add a new Consolidated Audit Trail funding fee to its equities price list and options fee schedule for trades from May 1 through December 31, 2026. The fee is $0.000001 per executed equivalent share and will be billed monthly starting in June 2026 based on May 2026 trading activity. The change affects broker-dealers identified as CAT executing brokers on the buy or sell side of eligible securities trades. Firms should expect the fee to appear on CAT-related invoices and may need to update trading cost models, billing controls, and client pass-through calculations.

AI-generated summary. May contain errors. Refer to official sources for legal decisions.

Key Changes

  • Creates a CAT Fee 2026-1 of $0.000001 per executed equivalent share
  • Applies the fee to CAT executing brokers on eligible securities trades from May 1 through December 31, 2026
  • Starts monthly invoicing in June 2026 based on May 2026 trading activity

Obligations

What this law requires

high

CAT Executing Brokers identified as buyers (CEBBs) or sellers (CEBSs) in CAT Data must pay CAT Fee 2026-1 for each applicable transaction in Eligible Securities executed during the prior month.

CAT Executing Brokers for the BuyerCAT Executing Brokers for the SellerIndustry Member broker-dealers
Monthly, beginning with invoices issued in June 2026 for May 2026 trading activity
operational
high

CAT Executing Brokers must calculate the Industry Member CAT Fee using $0.000001 per executed equivalent share for transactions subject to CAT Fee 2026-1.

CAT Executing Brokers for the BuyerCAT Executing Brokers for the SellerIndustry Member broker-dealers
For transactions from May 1, 2026 through December 31, 2026
operational
high

For each month CAT Fee 2026-1 is in effect, each CEBB and CEBS must pay the fee based on prior-month transactions in Eligible Securities as recorded in CAT Data.

CAT Executing Brokers for the BuyerCAT Executing Brokers for the Seller
Monthly during the CAT Fee 2026-1 period
operational
medium

CAT Executing Brokers must treat each executed share of NMS Stock as one executed equivalent share, each Listed Options contract according to its applicable multiplier, and each OTC Equity Security share as 0.01 executed equivalent share when determining fee exposure.

CAT Executing Brokers for the BuyerCAT Executing Brokers for the SellerIndustry Member broker-dealers
For CAT Fee 2026-1 calculations during May 1, 2026 through December 31, 2026
operational
medium

Industry Members identified in exchange CAT Data as responsible for the buy-side or sell-side order, or in FINRA TRF/ORF/ADF data as executing or contra-side executing broker, are treated as CAT Executing Brokers subject to the fee.

Industry Member broker-dealersCAT Executing Brokers
During the CAT Fee 2026-1 period from May 1, 2026 through December 31, 2026
operational

Affected Parties

Broker-dealers acting as CAT executing brokersNYSE American equities and options market participants+1 more…

Tags

securities markets,CAT fees,broker-dealers