Federal Register #SR-CboeEDGA-2026-012

SEC Solicitation: CAT System Operations and Support Services Funding via Industry Member Fees

The Securities and Exchange Commission (SEC) is announcing a proposed rule change by Cboe EDGA Exchange, Inc. to establish fees for industry members to fund the Consolidated Audit Trail (CAT) under the National Market System (NMS) Plan. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - Amazon Web Services, Inc. (cloud hosting) - FINRA CAT, LLC (CAT system operator) - Algoseek, LLC (market data) - WilmerHale and Jenner (legal services) - Deloitte (consulting) - Anchin and Grant Thornton (professional and administrative services) - Products/Services Requested: - Cloud hosting services for CAT (Amazon Web Services, Inc.) - Legal services for CAT operations (WilmerHale, Jenner) - Consulting services for CAT operations (Deloitte) - Market data services for CAT (Algoseek, LLC) - Professional and administrative support for CAT (Anchin, Grant Thornton) - Consolidated Audit Trail (CAT) Fee 20261: $0.000001 per executed equivalent share, invoiced monthly - Notable Requirements: - Fees are calculated to cover reasonably budgeted costs for CAT operations, including technology, legal, consulting, insurance, and administrative expenses - The fee structure is designed to ensure fair and reasonable allocation among industry members - The period of performance is eight months, with monthly invoicing - The CAT system is a critical regulatory infrastructure for tracking trading activity across U.S. securities markets

Description

The Securities and Exchange Commission published a notice regarding a proposed rule change by Cboe EDGA Exchange, Inc. to establish fees for industry members related to reasonably budgeted Consolidated Audit Trail (CAT) costs. The fees pertain to the National Market System Plan governing the CAT for the period from May 1, 2026, through December 31, 2026. The proposal includes amendments to the Consolidated Audit Trail Funding Fees schedule to cover costs such as cloud hosting, legal services, and consulting. The rule change aims to ensure equitable assessments on members and users of the exchange's facilities to meet regulatory obligations under the CAT NMS Plan.

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