Invoice
The three methods of payment accepted for a CAT Invoice
What are Check, ACH or Bank Wire?
The two methods in which firms can access the Trade Details Files
What is via the CAT Reporter Portal and SFTP?
CAT Fee 2024-1 established this type of CAT fee
What are Prospective CAT Fees?
When payment is due for a CAT Invoice
What is within 30 calendar days of the date on the invoice?
The information that will be housed in a new "Documents" tab being added to the Invoice section of the CAT Reporter Portal.
What are CAT Billing Documents - W-9 and Bank Account Verification Letter?
The first time IMs and PPs will see late fees on their CAT Invoices
What is the November 2024 invoice published on December 26, 2024?
The two types of trades listed in the Trade Details files
On-exchange (Rec Type = Exchange) and Off-exchange Trades (Rec Type = TRF) trades
CAT Fee 2024-2 established this type of CAT Fee
What is Historical CAT Fee 1?
CAT Prospective Fees are reviewed on this interval
What is every 6 months?
The time that a CAT Invoice will remain available in the CAT Reporter Portal
What is 24 months?
According to our standard CAT Invoice publishing announcement, this is the time that Trade Details are published by
What is 7 p.m. ET
The Fee Rate for this type of CAT Fee is calculated by dividing applicable historical CAT costs by the projected total executed equivalent share volume for the projected recovery period, which can be 2 -5 years
What are Historical CAT Assessment Fees?
This type of Invoice is referred to as an "Audit Trail Reimbursement Invoice" and lists a Fee Rate of 0.000017
What is a FINRA SRO pass-through fee invoice?
The two types of fees listed on the CAT Invoice
What are Prospective CAT Fees and Historical Assessment 1 Fees
The newest field added to the Trade Details schema. Also used by firms to calculate the total executed equivalent share count inclusive of any adjustments.
What is Net Executed Equivalent Shares?
CAT Fee 2025-1, communicated in CAT Fee Alert 2024-3, is replacing this CAT Fee
What is CAT Fee 2024-1 (Prospective CAT Fees)
The number of Executed Equivalent Shares for:
1. 1 share of NMS Stock
2. 1 share of OTC Stock
3. 1 listed Option Contract
What is
1. 1
2. 0.01
3. 100
The three different ways that Executed Equivalent Share Volume is broken down on page 2 of the CAT Invoice
What is Product, Side and Execution Venue?
The time that Trade Details files will remain available via the CAT Reporter Portal and SFTP
What is 90 days?
Beginning with the January 2025 Invoice, which will be published on February 25, 2025, the Fee Rate for Prospective CAT Fees is expected to change from $0.000035 to this new fee rate.
What is $0.000022?
The definition of "CAT Executing Broker" for CAT Billing purposes
For On-exchange trades - The IMs identified by the exchange as being responsible for the buy and sell sides of the trade
For Off-exchange trades - The IM identified as the executing and contra executing broker on the trade report reported to a FINRA TRF