Federal Register #SR-CboeBYX-2026-015

SEC Notice: Proposed Rule Change to Establish Fees for CAT Costs by Cboe BYX Exchange, Inc.

This opportunity concerns the SEC's notice of a proposed rule change by Cboe BYX Exchange, Inc. to establish fees for the Consolidated Audit Trail (CAT) system. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets, Exchange Regulation Office - Cboe BYX Exchange, Inc. as the proposing exchange - OEMs and Vendors: - Amazon Web Services, Inc. (AWS): Cloud hosting services - Algoseek, LLC: Market data provision - WilmerHale and Jenner (Jenner & Block): Legal services - Deloitte: Consulting services - Anchin and Grant Thornton: Professional, financial, and administration services - FINRA CAT LLC (FCAT): System operation and maintenance - Products/Services Requested: - Cloud hosting for CAT (AWS) - Market data services (Algoseek) - Legal support for CAT operations and compliance (WilmerHale, Jenner) - Consulting and budget analysis (Deloitte) - Professional, financial, and administrative support (Anchin, Grant Thornton) - Operation and maintenance of the CAT system (FINRA CAT LLC) - Insurance coverage for CAT operations - Notable Requirements: - Compliance with SEC Rule 613 and the CAT NMS Plan - Fee rate set at $0.000001 per executed equivalent share, assessed monthly on CAT Executing Brokers - Budgeted CAT costs total approximately $15.15 million for the covered period - Services must support regulatory, legal, technical, and administrative functions for CAT - Fee structure is not competitive and is based on historical data, vendor contracts, and anticipated needs - Period of Performance: - May 1, 2026 through December 31, 2026 (eight months), with monthly invoicing and continuation until superseded

Description

The Securities and Exchange Commission announced a notice of filing and immediate effectiveness of a proposed rule change by Cboe BYX Exchange, Inc. to establish fees for industry members related to the reasonably budgeted costs of the Consolidated Audit Trail (CAT) for the period from May 1, 2026, through December 31, 2026. The rule change relates to the costs associated with the National Market System Plan governing the CAT. The document provides details on the fee structure and the implementation timeline for these fees.

View original listing