Federal Register #SR-EMERALD-2026-12

SEC Solicitation for CAT System Support Services and Fee Schedule Update

The Securities and Exchange Commission (SEC) is announcing a proposed rule change by MIAX Emerald, LLC to amend its Options Exchange Fee Schedule for funding the Consolidated Audit Trail (CAT) system. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - Amazon Web Services, Inc. (AWS) – cloud hosting services - FINRA CAT, LLC (FCAT) – Plan Processor for CAT - Algoseek, LLC – market data provider - WilmerHale and Jenner – legal services - Deloitte – consulting services - Anchin and Grant Thornton – professional and administration services - Products and Services Requested: - Cloud hosting for CAT (AWS): storage, compute, networking, management, and DevOps tools - Market data services (Algoseek): data elements required by the CAT NMS Plan - Plan Processor services (FINRA CAT, LLC): operation, maintenance, compliance, and user support for CAT - Legal services (WilmerHale, Jenner): compliance, policy, litigation, and regulatory guidance - Consulting (Deloitte): budget analysis, cost management, and committee support - Professional/administrative support (Anchin, Grant Thornton): budget and cost management - CAT Fee 20261: $0.000001 per executed equivalent share, charged to industry members to fund CAT costs - Unique or Notable Requirements: - Compliance with the CAT NMS Plan and SEC Rule 613 - Adherence to the CAT Funding Model for cost calculation - Technical, legal, and administrative support for CAT operations - Period of Performance: - May 1, 2026 through December 31, 2026 (eight months) - Place of Performance/Delivery: - Securities and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090

Description

The Securities and Exchange Commission has filed a proposed rule change by MIAX Emerald, LLC, to amend its options exchange fee schedule. The change establishes fees for industry members related to reasonably budgeted costs of the Consolidated Audit Trail (CAT) for the period from May 1, 2026, through December 31, 2026. This notice is part of the SEC's regulatory oversight of self-regulatory organizations and their fee structures. The fees are calculated in accordance with the CAT Funding Model approved by the SEC.

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