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: $27.80 per $1,000,000 of principal (sells only) - this fee is rounded up to the nearest penny.
- FINRA Trading Activity Fee (TAF): $0.000166 per share (sells only) - this fee is rounded up to the nearest penny and no greater than $8.30.
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 determined based on executed shares, rounded up to the nearest whole share.
Equities
The CAT Fee is calculated as:
Fee Ă Executed Equivalent Shares = CAT Fee
- NMS Equities: $0.000053 per share (1:1 ratio)
- OTC Equities: $0.000053 per share (1:0.01 ratio)
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.
- Options: $0.000053 per equivalent share
Do I have to pay for them separately?
No. You are not responsible for paying regulatory fees separately, as they are deducted from sales proceeds.
For a full list of brokerage fees, please see Alpaca Securities Brokerage Fee Schedule listed here.