Federal Register #SR-MIAX-2026-16

SEC Notice: MIAX Proposed Rule Change to Establish Fees for Historical CAT Costs

This opportunity concerns the Securities and Exchange Commission's (SEC) notice of a proposed rule change by Miami International Securities Exchange, LLC (MIAX) to establish fees for recovering historical costs of the Consolidated Audit Trail (CAT): - Government Buyer: - Securities and Exchange Commission (SEC) - Miami International Securities Exchange, LLC (MIAX) - OEMs and Vendors: - Amazon Web Services, Inc. (AWS) (cloud hosting services) - Kingland Systems Corporation (CAIS-related services) - Thesys Technologies, LLC (initial Plan Processor) - Consolidated Audit Trail, LLC (CAT LLC) - Products/Services Requested: - Cloud hosting services for the CAT, including security, resiliency, and high-volume data management - Customer and Account Information System (CAIS) development and operation - Plan Processor services for CAT, including technical support, system development, and compliance - Assessment and collection of Historical CAT Assessment 1A fees from industry members to recover $38,964,855.34 in historical CAT costs (prior to January 1, 2022), at a rate of $0.000002 per executed equivalent share - Unique/Notable Requirements: - Fees are assessed to industry members (CAT Executing Brokers) and invoiced monthly based on executed share volume - The assessment will remain in effect until the full historical cost is recovered, with a projected recovery period of up to 24 months, but no later than March 31, 2028 - The cost structure includes technology, cloud hosting, legal, consulting, and operational expenses for the CAT - Vendor selection and cost allocation processes are detailed for transparency - Locations: - Federal Register (Washington, DC) - Miami International Securities Exchange, LLC (Miami)

Description

This notice announces a proposed rule change filed by Miami International Securities Exchange, LLC to amend its 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) that were incurred prior to January 1, 2022 and not previously invoiced. The fees, referred to as Historical CAT Assessment 1A, aim to recover the remaining $38,964,855.34 of historical CAT costs. The fee rate is set at $0.000002 per executed equivalent share, payable to Consolidated Audit Trail, LLC.

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