📈Impact of Proposed CAT Fee 2025 on Industry Members
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted Costs of the National Market System Plan Governing the Consolidated Audit Trail for the Period From July 1, 2025 Through December 31, 2025
Summary
The Securities and Exchange Commission announces the proposed rule change to establish CAT Fees for Industry Members, effective from July 1, 2025. This measure is intended to fund the budgeted costs associated with maintaining the Consolidated Audit Trail, significantly influencing the cost structure within the securities industry and requiring Industry Members to adjust their financial strategies accordingly.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The proposed rule change introduces CAT Fees for Industry Members to cover budgeted costs related to the Consolidated Audit Trail, impacting financial obligations and operational costs for businesses involved in securities trading. Notably, the established fee rate of $0.000009 per executed equivalent share signifies a new cost structure for compliance which affects profitability and financial planning for affected firms.