Federal Register #SR-SAPPHIRE-2026-20

SEC Notice: MIAX Sapphire Proposed Rule Change to Establish Fees for Historical CAT Costs

This SEC notice outlines a proposed rule change by MIAX Sapphire, LLC to establish new fees for industry members, aimed at recovering historical costs related to the Consolidated Audit Trail (CAT) system. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - Amazon Web Services, Inc. (AWS): Cloud hosting services for CAT - Kingland Systems Incorporation: CAIS operating services - Exegy Incorporated: Market data provision - FINRA CAT (subsidiary of FINRA): Plan Processor for CAT operations - Products/Services Requested: - Cloud hosting services for the CAT system (AWS) - Development and operation of the Customer and Account Information System (CAIS) (Kingland Systems) - Market data provision for CAT operations (Exegy) - Plan Processor services for CAT (FINRA CAT) - Notable Requirements: - New fee rate of $0.000002 per executed equivalent share to recover historical CAT costs - Fees are payable to Consolidated Audit Trail, LLC (CAT LLC) - Focus is on fee collection for services already rendered, not procurement of new products - No physical products are being procured; the opportunity is related to the establishment and collection of fees for past services supporting the CAT system.

Description

The Securities and Exchange Commission published a notice about a proposed rule change by MIAX Sapphire, LLC. The rule change amends the MIAX Sapphire Options Exchange Fee Schedule to establish fees for industry members related to certain historical costs of the National Market System Plan governing the Consolidated Audit Trail. The fees are intended to recover remaining historical costs not previously invoiced. The fee rate will be $0.000002 per executed equivalent share, with the first invoices expected in June 2026.

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