The CAT fee on stock trades in 2026: $0.000003 a share on each side, and what 15 brokers pass on

The CAT fee is the small per-share line on a trade confirmation that pays for the Consolidated Audit Trail, the regulators' database of U.S. stock and options orders. The plan charges it on buys as well as sells. Most brokers that show it list one number, $0.000003 a share, and that number is two fees added together.

As of October 17, 2026 (Eastern time):

• For trades since May 1, 2026, the CAT fee is $0.000003 per share on each side of a trade. It is made of CAT Fee 2026-1, “the fee rate of $0.000001 per executed equivalent share”, and Historical CAT Assessment 1A at $0.000002, which the plan says is charged on top of it. Both are billed to the broker that executes for the buyer and the broker that executes for the seller.
• An option contract counts as 100 shares, so the fee is $0.0003 a contract. A share of an OTC stock counts as 0.01 share, or $0.00000003.
• Five of the 15 brokers we checked list a CAT fee. Robinhood, Webull, moomoo and Interactive Brokers show $0.000003 a share; Robinhood, moomoo and Interactive Brokers also show $0.0003 a contract. Public lists $0.000009 a share, three times the current rate.
• The other ten do not name a CAT fee on the pages we read: Ally Invest, Charles Schwab, E*TRADE, eToro, Fidelity, Firstrade, J.P. Morgan, Merrill Edge, SoFi and Vanguard. Schwab lists what its Industry Fee covers, and the CAT fee is not on that list.
• The amounts are tiny: buying and later selling 1,000 shares comes to $0.006 at $0.000003 a share. Robinhood and Public round a fee under one cent down to $0.
• The rate is set to change. CAT Fee 2026-1 is billed until January 2027, and the plan expects a new rate, CAT Fee 2027-1, at the beginning of 2027. Without money left over from 2025, the plan says the 2026 rate would have been $0.000010.

The CAT fee is separate from FINRA's trading activity fee (TAF), which is charged only on sales and is $0 for trades from Oct. 1 to Dec. 31, 2026. See our page on the FINRA trading activity fee at 15 brokers.

What the CAT fee costs on a trade

The fee is the number of shares times the rate, on the buy and again on the sale. The table shows a purchase and a later sale of the same number of shares, at the $0.000003 a share that Robinhood, Webull, moomoo and Interactive Brokers list and at Public's $0.000009. The rounded columns apply the rule Robinhood and Public publish: a fee under one cent is $0, and a larger one is rounded to the nearest penny.

For comparison, FINRA's trading activity fee on a sale of 1,000 shares is $0.195 at the rate charged until Sept. 30, 2026 and again from Jan. 1, 2027 (our TAF page). The CAT fee on the same sale is $0.003.

The plan's own rounding is done on the broker's monthly bill, not on each trade. Its FAQ says “The total CAT fee charged to the CAT Executing Broker as set forth on the invoice will be rounded to the nearest penny.” How a broker rounds the amount it passes on to you is up to the broker.

Sources: CAT Fee Alert 2026-1 (April 1, 2026, PDF); CAT Fee Alert 2026-2 (April 1, 2026, PDF); CAT NMS Plan, FAQs, V. CAT Billing (V5, V27); and the brokers' pages listed below.

Who sets the CAT fee, and when it changes

The SEC adopted Rule 613 in 2012. It required the exchanges and FINRA to create “a consolidated audit trail that would capture customer and order event information for orders in NMS securities across all markets, from the time of order inception through routing, cancellation, modification or execution.” The system is run under the CAT NMS Plan by Consolidated Audit Trail, LLC (CAT LLC), with FINRA CAT, LLC as its plan processor. CAT LLC's Operating Committee sets the rates, and the exchanges and FINRA file them with the SEC; FINRA's version is its Rule 6897. Brokers' pages often attach FINRA's name to the fee: Interactive Brokers calls it FINRA Consolidated Audit Trail Fees, and moomoo names FINRA as the party that charges it.

Under the funding model, the exchanges and FINRA pay one-third of the budgeted costs, and the brokers that execute trades pay two-thirds: one-third through the broker for the buyer and one-third through the broker for the seller. That is why each side's rate is the full rate divided by three. For May through December 2026, the full rate came to about $0.0000038 a share, and one-third of it rounded to six decimal places is $0.000001.

The plan bills brokers, not their customers. FINRA's filing notes that in approving the funding model the SEC “recognize[d] that Industry Members may pass-through CAT fees for customer executed volume”.

The two parts of today's rate.

• CAT Fee 2026-1, $0.000001 a share, pays for the CAT's budgeted costs from May 1 to Dec. 31, 2026. Brokers get the first bill in June 2026, for May trades, and monthly bills until January 2027. CAT Fee Alert 2026-1 says the rate is low partly because CAT LLC collected more than its 2025 budget and expects lower costs, and that without that surplus “the fee rate would be $0.000010 per executed equivalent share”.
• Historical CAT Assessment 1A, $0.000002 a share, repays part of what the exchanges and FINRA spent to build the CAT. It “will remain in effect until $38,964,855.34 is collected from CAT Executing Brokers collectively, which is estimated to be approximately two years, but could be for a longer or shorter period of time”.

What comes next. The plan's FAQ says “The Operating Committee is then required to calculate a new fee rate for a new Prospective CAT Fee at the beginning of 2027.” That fee would be CAT Fee 2027-1. If it is not in effect by February 2027, the FAQ says the current fee stays; in the words of the alert, “CAT Fee 2026-1 will continue in effect after January 2027”, billed monthly “until a new subsequent CAT Fee is in effect with regard to Industry Members”. The FAQ says the prospective rate is updated twice a year, and that the SEC's 2026 order “prohibits billing Prospective CAT Fees or Historical CAT Assessments after March 31, 2028.”

Why there was a gap. In July 2025 a federal appeals court (the Eleventh Circuit) vacated the SEC's 2023 order approving the earlier funding model. CAT LLC sent its last bills for the earlier fees in December 2025, for November trades. For costs from Dec. 1, 2025 to April 30, 2026, CAT Fee Alert 2026-1 says “no CAT fees were or will be invoiced during this period.” The SEC approved the current funding model on March 16, 2026.

Sources: Federal Register, 91 FR 28064 (May 15, 2026), FINRA filing SR-FINRA-2026-010 (CAT Fee 2026-1); Federal Register, 91 FR 28766 (May 18, 2026), FINRA filing SR-FINRA-2026-011 (Historical CAT Assessment 1A); Federal Register, 91 FR 13410 (March 19, 2026), SEC order approving the CAT Funding Model; CAT Fee Alert 2026-1 (April 1, 2026, PDF); CAT Fee Alert 2026-2 (April 1, 2026, PDF); CAT Fee Alert 2025-4 (Nov. 25, 2025, PDF); CAT NMS Plan, FAQs, V. CAT Billing (V1, V28, V29, V32).

The CAT rate per share since 2024

Each fee has its own rate per executed equivalent share, billed to each side of a trade. When a prospective fee and a historical assessment are in effect together, brokers pay both.

Broker by broker

Each section quotes what the broker itself publishes and links the page we read.

Ally Invest

Ally's commissions and fees page has a table of regulatory fees with three lines: the options regulatory fee ($0.02 per contract, buys and sells), the SEC fee ($20.60 per $1,000,000 of principal, sells only) and FINRA's trading activity fee ($0.00 a share, sells only). It does not list a CAT fee or say whether Ally passes one on.

Source: Ally Invest, commissions and fees.

Charles Schwab

Schwab's pricing page says it collects an Industry Fee “to offset an array of charges assessed on us directly or indirectly by self-regulatory organizations” and foreign governments. The page then lists the fees the Industry Fee is collected to offset: the SEC's Section 31 fee, FINRA's trading activity fee, the options regulatory fee, proprietary index options fees and foreign transaction taxes on ADRs. The CAT fee is not on that list, and the page gives no amount for the Industry Fee. It also says “Please note that Schwab does not notify clients when it increases or decreases the Industry Fee or when the component fees change.”

Source: Charles Schwab, pricing (footnote 5).

E*TRADE (Morgan Stanley)

E*TRADE's pricing page lists one regulatory fee in its table, the SEC's Section 31 fee of $0.0000206 times the principal on sales. It does not name a CAT fee. A general statement on the page says the fees E*TRADE charges on a transaction “are designed to offset third-party fees generally charged to E*TRADE in respect of such transactions”, including fees assessed by regulators, self-regulatory organizations and market centers.

Source: E*TRADE, pricing and rates.

eToro US

eToro's US fee page says of stocks: “When you sell a stock, we pay the regulatory transaction fees on your behalf.” Its section on regulatory fees for options lists a national regulator fee, FINRA's trading activity fee for options and for equities, the options regulatory fee and an LQT fee. It does not list a CAT fee.

Source: eToro US, fees.

Fidelity

Fidelity's commission and fee schedule does not name a CAT fee. On sell orders it charges what it calls the Additional Assessment, which “typically ranges from $0.01 to $0.03 per $1,000 of principal” and which Fidelity uses “to pay certain charges imposed on Fidelity by national securities associations, clearing agencies, national securities exchanges, and other self-regulatory organizations”. The schedule says “Fidelity determines the amount of the Additional Assessment in its sole and exclusive discretion”, and it does not say whether the assessment covers the CAT fee.

Sources: Fidelity, Brokerage Commission and Fee Schedule (PDF); Fidelity, commissions and margin rates.

Firstrade

Firstrade's pricing page and its help article on regulatory transaction fees both say “The fees are passed through to customers as part of normal transaction processing.” Both then describe the SEC's Section 31 fee and the options regulatory fee. Neither names a CAT fee.

Sources: Firstrade, pricing; Firstrade Help Center, Does Firstrade assess regulatory transaction fees to its customers?.

Interactive Brokers

Interactive Brokers' stock commissions page lists, among U.S. regulatory fees, “FINRA Consolidated Audit Trail Fees: USD 0.000003 * Quantity”. The line next to it, for FINRA's trading activity fee, uses the quantity sold; the CAT line uses the quantity. Its footnote says “The fees include Prospective CAT Fees (on-going fee) as well as Historical CAT Assessment Fee that will expire once the historical cost is collected.” It adds: “Note that FINRA CAT will reevaluate the Prospective CAT Fees twice a year to reflect actual CAT costs.”

The options commissions page lists “FINRA Consolidated Audit Trail Fees: USD 0.0003 /contract” and says the fee will be charged for all executions of options contracts. Neither page says how the fee is rounded.

Sources: Interactive Brokers, stock commissions; Interactive Brokers, options commissions.

J.P. Morgan (Chase)

J.P. Morgan Self-Directed Investing's pricing page and its commission and fee schedule both say “Other fees and charges may apply, including, but not limited to, fees intended to offset fees charged by certain regulatory bodies.” Neither names a CAT fee or gives an amount.

Sources: J.P. Morgan Self-Directed Investing, pricing; J.P. Morgan, Self-Directed Investing commission and fee schedule (PDF).

Merrill Edge

Merrill's pricing page says “Sales are subject to a transaction fee of between $0.01 and $0.03 per $1,000 of principal.” It does not say what the fee covers, and it does not name a CAT fee.

Source: Merrill Edge, pricing.

moomoo

moomoo's US pricing page lists Consolidated Audit Trail Fees (CAT) in its fee tables. For stocks it shows $0.000003 a share for NMS stocks (stocks listed on U.S. exchanges) and $0.00000003 a share for OTC stocks. For equity, ETF and index options it shows $0.0003 a contract. In the column for who charges each fee, it names FINRA. The page does not say whether the fee applies to buys, sells or both, or how it is rounded; its SEC fee line has a $0.01 minimum per trade, and its CAT line has none.

Source: moomoo, US pricing.

Public

Public's fee schedule, marked “Last updated as of October 13, 2026”, lists the Consolidated Audit Trail (CAT) fee at “$0.000009 per share (equity buys & sells)” and “$0.0009 per contract (option buys & sells)”, and says “If fees are less than $0.01, the fee is rounded down to $0.” Public's rate is three times the $0.000003 a share that CAT LLC has charged each side of a trade since May 2026, and three times what the other four brokers with a CAT line show. It equals the rate of CAT Fee 2025-2, which applied to trades from July through November 2025 (see the rate history). The same schedule still lists FINRA's trading activity fee at its 2024-2025 rate.

Source: Public, fee schedule (PDF).

Robinhood

Robinhood's support article on trading fees has a section on the Consolidated Audit Trail fee. It says “The following transaction fees are applied to all equity and options orders”: $0.0003 per options contract, $0.000003 per share of listed equities and $0.00000003 per share of over-the-counter (OTC) equities. It says “This amount covers charges assessed to fund the operational costs of the Consolidated Audit Trail (CAT) system.” A CAT fee under $0.01 is rounded down to $0, and a larger one is rounded to the nearest penny. Robinhood Financial's fee schedule gives the same three amounts and says “This fee is rounded to the nearest penny (unless the fee is less than one cent, in which case it is rounded down to 0).”

Sources: Robinhood, Trading fees on Robinhood; Robinhood Financial, fee schedule (PDF).

SoFi

SoFi's help article on regulatory trading fees says “certain regulatory fees do apply” and describes four: the SEC fee, FINRA's trading activity fee, the options regulatory fee and the OCC clearing fee. It does not name a CAT fee. It points readers to SoFi's fee schedule, which we did not read.

Source: SoFi, What are the regulatory trading fees at SoFi?.

Vanguard

Vanguard's investment fees page and its commission and fee schedule (effective July 10, 2026) say “All stock and ETF sales are subject to a securities transaction fee.” Neither gives the amount, says what the fee covers or names a CAT fee.

Sources: Vanguard, investment fees; Vanguard Brokerage Services, commission and fee schedules (PDF).

Webull

Webull's pricing page lists a Consolidated Audit Trail Fee of $0.000003 times the total trade volume, on buys and sells. In the column for who charges it, the page says “Webull. Passthrough fee charged by Webull is then paid to regulator”, and a second table, for OTC securities, gives $0.00000003 times the total trade volume. A note calls the fee “a mandatory regulatory fee assessed by the SEC to cover the historical and ongoing costs associated with the development and operation of the CAT system” and says it “will apply to all trading activities conducted through Webull US.” (In the fee filings, the fee is assessed by Consolidated Audit Trail, LLC under a plan the SEC approved; see who sets it.) The page we read does not show a CAT amount for options or say how the fee is rounded.

Source: Webull, pricing.

Quick answers

What are FINRA CAT fees?

They are the fees that pay for the Consolidated Audit Trail. CAT LLC bills them to the brokers that execute trades, on both the buy and the sell side, and many brokers pass them on to customers. FINRA's Rule 6897 and matching rules at the exchanges put them in place.

What is the FINRA CAT fee rate for 2026?

For trades since May 1, 2026: $0.000001 per executed equivalent share for CAT Fee 2026-1, plus $0.000002 for Historical CAT Assessment 1A, or $0.000003 a share on each side. No CAT fees were billed for trades from December 2025 through April 2026.

Why does my broker show $0.000003 when the CAT fee is $0.000001?

Because two fees are in effect. $0.000001 is the rate of CAT Fee 2026-1 alone; the historical assessment adds $0.000002. Interactive Brokers' page says its amount includes both.

Is the CAT fee charged on buys and sells?

Yes. CAT LLC bills the broker for the buyer and the broker for the seller. Robinhood says its CAT fee applies to all equity and options orders, and Webull and Public say buys and sells. moomoo's and Interactive Brokers' stock lines do not say. FINRA's trading activity fee, by contrast, applies only to sales.

What is the CAT fee on options?

$0.0003 a contract at Robinhood, moomoo and Interactive Brokers, because a contract counts as 100 shares. Public lists $0.0009.

What is the consolidated audit trail fee at moomoo?

$0.000003 a share for NMS stocks, $0.00000003 a share for OTC stocks and $0.0003 a contract for options, according to moomoo's US pricing page on October 17, 2026.

What is the CAT fee at Robinhood, Webull and Schwab?

Robinhood and Webull both list $0.000003 a share. Schwab's pricing page does not name a CAT fee, and its Industry Fee list does not include one. See Robinhood, Webull and Charles Schwab.

Where is the FINRA CAT fee schedule, and when is the next update?

The rates are announced in the CAT Fee Alerts on catnmsplan.com and in the exchanges' and FINRA's fee filings. The plan expects a new rate, CAT Fee 2027-1, at the beginning of 2027; until one takes effect, $0.000001 continues. The $0.000002 historical assessment lasts until about $39 million is collected, which the plan estimates at about two years.

Is the CAT fee the same as the TAF or the SEC fee?

No. The TAF is FINRA's own fee on sales, and the SEC's Section 31 fee is a fee on the dollar amount sold. Both are covered on our trading activity fee page.

How we checked

• Each broker's fee page, fee schedule or help article was read on October 17, 2026 (Eastern time). We did not open accounts or place trades, and we did not use other websites' lists.
• Where a broker does not name a CAT fee, we name the pages we read. A broker that does not list it may still recover the cost through a wider fee; the pages we read do not say.
• The rates, the counting of shares and the schedule come from CAT LLC's fee alerts and FAQs, FINRA's fee filings as printed in the Federal Register, and the SEC's order approving the funding model.

What this page does not cover

• FINRA's trading activity fee and the SEC's Section 31 fee; see our trading activity fee page. Also the options regulatory fee, OCC clearing fees, ADR fees and commissions.
• Which broker to use. We report what each one publishes.

Rechecks and changes

We will read the plan's fee alerts and every broker's page again when CAT Fee 2027-1 is announced and in January 2027. Every change will be listed here with its date. If a rate is wrong, tell us.

• October 18, 2026. First published, from pages read on October 17, 2026.

Dollars Ahead has no affiliate relationship with any firm on this page, and the page contains no affiliate links. This page reports what each firm and regulator publishes; it is not financial advice.