Tax & Finance

NYSE Arca sets CAT funding fee for brokers in 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 Arca will add a new Consolidated Audit Trail funding fee to its equities and options fee schedules for May 1 through December 31, 2026. The fee applies to broker-dealers identified as CAT executing brokers on buy-side or sell-side transactions in eligible securities. The rate is $0.000001 per executed equivalent share, with the first invoices expected in June 2026 based on May 2026 activity. Broker-dealers that execute covered equity or options trades should expect an added monthly CAT cost tied to trading volume and should review how it will affect billing, client pricing, and internal cost allocation.

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

Key Changes

  • Adds a new CAT Fee 2026-1 to NYSE Arca equities and options fee schedules
  • Sets the fee at $0.000001 per executed equivalent share for May through December 2026
  • Requires CAT executing brokers on buy-side and sell-side transactions to pay monthly invoices based on prior-month activity

Obligations

What this law requires

medium

CAT Executing Brokers for the Buyer (CEBBs) and CAT Executing Brokers for the Seller (CEBSs) must pay CAT Fee 2026-1 for each applicable transaction in Eligible Securities in which they are identified as the CAT executing broker in CAT Data.

broker-dealers identified as CAT Executing Brokers for the Buyer or SellerIndustry Members
Monthly during the May 1, 2026 through December 31, 2026 CAT Fee 2026-1 period
operational
medium

CAT Executing Brokers must calculate CAT Fee 2026-1 based on executed equivalent shares for prior-month transactions in Eligible Securities, using the assessed rate of $0.000001 per executed equivalent share.

CAT Executing Brokers for the BuyerCAT Executing Brokers for the SellerIndustry Members
Each monthly invoice cycle beginning with June 2026 invoices for May 2026 activity
operational
medium

CAT Executing Brokers should be prepared to receive and pay the first monthly CAT Fee 2026-1 invoice in June 2026, calculated from May 2026 transactions where they are identified as CEBB or CEBS.

CAT Executing BrokersIndustry Members
June 2026 for May 2026 activity
operational
medium

For CAT fee purposes, Industry Members must apply the CAT NMS Plan executed-equivalent-share methodology: one executed share for NMS Stocks equals one executed equivalent share; one Listed Options contract equals the applicable multiplier, generally 100 executed equivalent shares; and one OTC Equity share equals 0.01 executed equivalent share.

CAT Executing BrokersIndustry Members
When calculating CAT Fee 2026-1 during the May 1, 2026 through December 31, 2026 period
operational
medium

NYSE Arca must amend its Equities Fee Schedule and Options Fee Schedule to include the new Consolidated Audit Trail Funding Fees section and CAT Fee 2026-1 rate.

NYSE Arca, Inc.
Effective for the May 1, 2026 through December 31, 2026 CAT Fee 2026-1 period
disclosure

Affected Parties

Broker-dealers executing eligible securities transactionsNYSE Arca equities and options members+1 more…

Tags

securities,broker-dealers,CAT fees