Opportunity
Federal Register #SR-IEX-2026-11
SEC Proposed Rule: Industry Member Fees for CAT NMS Plan Costs (May–Dec 2026)
Buyer
Securities and Exchange Commission
Posted
May 12, 2026
Identifier
SR-IEX-2026-11
NAICS
523210, 541512, 541611, 541618, 541690
The Securities and Exchange Commission (SEC) is announcing a proposed rule change by Investors Exchange LLC (IEX) and Cboe BZX Exchange, Inc. to establish fees for industry members to recover costs associated with the National Market System Plan (CAT NMS Plan) for the Consolidated Audit Trail (CAT) from May through December 2026. - 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 system - Algoseek, LLC: Market data provider - WilmerHale and Jenner: Legal services - Deloitte: Consulting services - Anchin and Grant Thornton: Professional and administration services - Products/Services Requested: - Cloud hosting for CAT system (AWS) - Operation and maintenance of CAT (FINRA CAT, LLC) - Market data provision (Algoseek, LLC) - Legal support (WilmerHale, Jenner) - Consulting (Deloitte) - Professional and administrative support (Anchin, Grant Thornton) - Notable Requirements: - Fees set at $0.000001 per executed equivalent share, targeting recovery of about two-thirds of the $15.1M budgeted CAT costs for the eight-month period - Fees apply to CAT Executing Brokers for buy and sell transactions in eligible securities - Budget categories include technology, legal, consulting, insurance, and administration - Services are essential for the operation, compliance, and maintenance of the CAT system
Description
The Securities and Exchange Commission published a notice regarding a proposed rule change by Investors Exchange LLC. The rule change establishes fees for industry members related to the reasonably budgeted costs of the National Market System Plan governing the Consolidated Audit Trail. These fees apply for the period from May 1, 2026, through December 31, 2026, and are intended to recover approximately two-thirds of the budgeted costs for this period.