NYSE Arca sets CAT funding fee for brokers in 2026
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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.
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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
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.
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 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.
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.
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.