US Trading Charges
SEC Section 31 fee and FINRA Trading Activity Fee on a US equity round trip. Both are charged on sells only.
Most US retail brokers charge no commission, which means these regulatory fees are the whole cost of the trade.
SEC Β§31 $20.60/M eff. 2026-04-04 Β· FINRA TAF $0.000195/share, $9.79 cap eff. 2026-01-01
Rates change: the SEC fee was $27.80 per million, then $0.00 from May 2025 while an appropriation lapsed, and $20.60 from April 2026. Check the date above against the current schedule before relying on a total.
US Trading Charges Calculator: how it works
US regulatory fees are charged on sales only: the SEC Section 31 fee is $20.60 per $1,000,000 of sale proceeds, and the FINRA TAF is $0.000195 per share sold, capped at $9.79 per trade. Buys carry neither, so a round trip costs less than twice one leg.
Formula
SEC fee = ceil(proceeds Γ 0.0000206, cents) on sells Β· FINRA TAF = min(shares Γ $0.000195, $9.79) on sells Β· Buys = commission only.