Federal Register #SR-PEARL-2026-20

SEC Notice: MIAX PEARL Proposed CAT Cost Recovery Fees and Associated Services

This opportunity concerns the Securities and Exchange Commission's (SEC) notice of a proposed rule change by MIAX PEARL, LLC to amend its options exchange fee schedule for the recovery of Consolidated Audit Trail (CAT) costs. - Government Buyer: - U.S. Securities and Exchange Commission (SEC) - OEMs and Vendors: - Amazon Web Services, Inc. (AWS) – cloud hosting - Algoseek, LLC – market data - WilmerHale and Jenner – legal services - Deloitte – consulting services - Anchin and Grant Thornton – professional and administration services - Products/Services Requested: - Cloud hosting services for CAT (AWS) - Market data services for CAT (Algoseek) - Legal services for CAT (WilmerHale, Jenner) - Consulting services for CAT (Deloitte) - Professional and administration services for CAT (Anchin, Grant Thornton) - Fee Structure and Quantities: - CAT Fee 20261: $0.000001 per executed equivalent share, charged monthly to industry members (CAT Executing Brokers) - Total budgeted CAT costs: approximately $15.15 million for the period - Fees are designed to recover about two-thirds of total CAT costs for 2026 - Notable Requirements: - Fees are based on executed equivalent share volume in eligible securities - Monthly invoicing begins after the start of the period and continues until a new fee is established - The period of performance is eight months, from May 1, 2026 through December 31, 2026

Description

The Securities and Exchange Commission has filed a proposed rule change by MIAX PEARL, LLC to amend its fee schedule. The amendment establishes 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. These fees are intended to recover approximately two-thirds of the costs set forth in the reasonably budgeted CAT costs for 2026. The fees will be payable to Consolidated Audit Trail, LLC and are calculated based on executed equivalent shares.

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