NYSE sets CAT funding fee for broker-dealers from May to December 2026
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
The rule adds a new NYSE fee to help fund the Consolidated Audit Trail, the market-wide system that tracks securities orders and trades. From May 1 through December 31, 2026, broker-dealers identified as CAT executing brokers will pay $0.000001 per executed equivalent share, with the first invoices issued in June based on May activity. The fee is meant to recover about two-thirds of CAT’s budgeted costs for the period, while exchange participants cover the remaining share. Affected firms should expect monthly billing tied to their buy-side and sell-side executed transaction volume in eligible securities.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Creates CAT Fee 2026-1 in the NYSE Price List for May 1 through December 31, 2026
- Sets the industry member fee at $0.000001 per executed equivalent share
- Requires monthly invoices for CAT executing brokers based on prior-month eligible securities transactions
Obligations
What this law requires
CAT Executing Brokers for the Buyer and CAT Executing Brokers for the Seller must pay CAT Fee 2026-1 at a rate of $0.000001 per executed equivalent share for applicable transactions in Eligible Securities.
CAT Executing Brokers must pay monthly invoices for CAT Fee 2026-1 based on their prior-month transactions as CEBB and/or CEBS in Eligible Securities recorded in CAT Data.
For each monthly CAT Fee 2026-1 calculation, each CEBB and CEBS must calculate the fee for each applicable transaction by multiplying the executed equivalent shares in the transaction by one-third and by the applicable Fee Rate, resulting in the assessed rate of $0.000001 per executed equivalent share.
Industry Members identified in CAT Data as responsible for the buy-side or sell-side of an exchange-executed Eligible Security transaction must be treated as CAT Executing Brokers for purposes of CAT Fee 2026-1 billing.
For off-exchange transactions in Eligible Securities reported to a FINRA equity trade reporting facility, the Industry Member identified as executing broker and the Industry Member identified as contra-side executing broker in CAT Data must be treated as CAT Executing Brokers for CAT Fee 2026-1 billing.