Federal Register #SR-NYSENAT-2026-06

SEC Proposed CAT Fee Structure for Industry Members (NYSE National, Inc.)

The Securities and Exchange Commission (SEC) is announcing a proposed rule change by NYSE National, Inc. to establish new fees for industry members to support the operation and maintenance of the Consolidated Audit Trail (CAT) system. - Government Buyer: - Securities and Exchange Commission (SEC), Office of the Secretary - OEMs and Vendors: - Amazon Web Services, Inc. (AWS): Cloud hosting services for CAT - Algoseek, LLC: Market data provision - WilmerHale and Jenner: Legal services - Deloitte: Consulting services - Anchin and Grant Thornton: Professional and administration services - Products/Services Requested: - CAT Fee for Industry Members (Consolidated Audit Trail Funding Fees) - Part Number: CAT Fee 20261 - Quantity: Calculated per executed equivalent share (rate: $0.000001 per share) - Total estimated CAT costs: $15.15 million for the period - Cloud hosting, market data, legal, consulting, and administrative services to support CAT operations - Unique/Notable Requirements: - Fee is charged monthly to CAT Executing Brokers (buyers and sellers) based on executed equivalent share volume - Fees are intended to recover reasonably budgeted costs for CAT operation, regulatory compliance, and maintenance - The CAT is a comprehensive data collection system for the securities industry, supporting regulatory oversight - The fee rate and structure may continue beyond the initial period until a new fee is established

Description

The Securities and Exchange Commission has published a notice regarding a proposed rule change by NYSE National, Inc. to amend its schedule of fees and rebates. The changes pertain to establishing fees for industry members related to reasonably budgeted costs for the Consolidated Audit Trail (CAT) as part of the National Market System Plan, effective from May 1, 2026, through December 31, 2026. The proposed rule change aims to update the fee structure to better allocate costs associated with the CAT, a comprehensive data collection system for the securities industry. The fees would be payable to Consolidated Audit Trail, LLC and are described in a section of the Exchange's fee schedule entitled Consolidated Audit Trail Funding Fees. The fee rate for the period would be $0.000001 per executed equivalent share.

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