This is a regulatory fee that is charged by the US government - specifically, the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC) - on all "Sell" orders you make on Grifin (the stocks you sell).
Grifin does NOT benefit financially from these charges in any way, shape, or form. These charges are 100% passed on to the above government agencies in full:
- SEC regulatory fee for both equities and options: $27.80 per $1,000,000 (sells only).
- FINRA Trading Activity Fee (TAF): $0.000166 per share (sells only).
- This FINRA transaction fee is rounded up to the nearest penny.
- Max FINRA fee of $8.30.
NOTE: New regulatory fee update as of June 1, 2025:
The Consolidated Audit Trail (CAT) introduced a new fee structure, which Grifin will be billed for. This fee will be charged per trade, but we will NOT pass this fee on to you (whereas, the existing REG/TAF fee mentioned above IS passed on to you).
The CAT Fee rate is based on executed equivalent shares. Current fee structure is:
Equities (stocks)
The CAT Fee is calculated at $0.000046 per share (1:1 ratio) as follows:
Fee × Executed Equivalent Shares = CAT Fee
Do I have to pay for these fees separately?
No, you do not pay regulatory fees separately. The "REG and TAF Fees" are automatically deducted from stock sale proceeds. As for the "CAT fees" cost, as mentioned above, Grifin covers that for you. :)
For more details, see our Fee Schedule.