Federal Register #SR-PEARL-2026-18

SEC Notice: MIAX PEARL Fee Schedule Amendment for Historical CAT Cost Recovery

This notice outlines a proposed rule change by MIAX PEARL, LLC, under the oversight of the Securities and Exchange Commission (SEC), to amend its options exchange fee schedule for the recovery of historical costs related to the Consolidated Audit Trail (CAT) system. - Government Buyer: - Securities and Exchange Commission (SEC) - MIAX PEARL, LLC (regulated entity submitting the rule change) - OEMs and Vendors Involved: - Amazon Web Services, Inc. (AWS): Cloud hosting services for CAT - Kingland Systems Incorporation: CAIS operating services - Thesys Technologies, LLC: Initial Plan Processor for CAT - Exegy Incorporated: Market data services - Products/Services Requested: - Cloud hosting and infrastructure for the CAT system - Development and operation of the Customer and Account Information System (CAIS) - Plan Processor services for CAT management and compliance - Market data provision for CAT - Recovery of $38,964,855.34 in historical CAT costs via a new fee (Historical CAT Assessment 1A) at $0.000002 per executed equivalent share, invoiced monthly to CAT Executing Brokers - Unique/Notable Requirements: - Fee is designed to recover historical costs incurred prior to January 1, 2022 - Assessment will be collected over an estimated 24-month period, with the actual duration dependent on transaction volumes, but not to extend beyond a specified end date - Costs include technology, legal, consulting, insurance, professional, administrative, and public relations expenses - No new procurement or solicitation is being issued; this is a fee schedule amendment for cost recovery - Place of Performance/Delivery: - Securities and Exchange Commission (federal office)

Description

This notice announces a proposed rule change filed by MIAX PEARL, LLC to amend its options exchange fee schedule. The amendment establishes fees for industry members related to certain historical costs of the National Market System Plan governing the Consolidated Audit Trail (CAT). The fees aim to recover remaining historical CAT costs not previously invoiced, with a fee rate of $0.000002 per executed equivalent share. The rule change is effective immediately upon filing and involves invoicing industry members starting June 2026.

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