Regulatory fees are charged by the US Securities & Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) on all sell orders. Alpaca Securities LLC does not benefit financially from these charges, and they are passed on to the relevant regulatory agencies in full.

• SEC Fees: Based on principal (sells only) - this fee is rounded up to the nearest penny.
• FINRA Trading Activity Fee (TAF): Based on per share (sells only) - this fee is applied on a per-trade basis, rounded up to the nearest penny, and capped.

The Consolidated Audit Trail (CAT) is introducing a new fee structure, which Alpaca will be billed for. This fee will be charged per trade and passed on to users and clients, in addition to the existing REG/TAF fee.

The CAT Fee Rate is calculated based on transaction volume and applies to both equity and options trading activities. For options, the fee is typically assessed per executed equivalent share. Since one listed option contract generally represents 100 shares, the CAT fee for options is calculated accordingly.

Equities

The CAT Fee Rate is calculated as: Fee × Executed Equivalent Shares = CAT Fee

Options

The CAT Fee is based on transaction volume and applies to both equity and options trading. For options, the fee is assessed per executed equivalent share. Since one listed option contract typically represents 100 shares, the fee is adjusted accordingly.

Do I have to pay for them separately?

No. You are not responsible for paying regulatory fees separately. REG and TAF fees are deducted from sales proceeds. CAT fees are deducted from your buying power on purchases and sales proceeds on sales.

For a full list of brokerage fees, please see the Alpaca Securities Brokerage Fee Schedule listed here.