Federal Register #SR-CBOE-2026-041

SEC Proposed Rule: Cboe Exchange Fees for Consolidated Audit Trail (CAT) Operations

The Securities and Exchange Commission (SEC) is announcing a proposed rule change by Cboe Exchange, Inc. to establish fees for industry members to fund the Consolidated Audit Trail (CAT) under the National Market System (NMS) Plan. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - Key OEMs and Vendors: - Amazon Web Services, Inc. (AWS) for cloud hosting services - Algoseek, LLC for market data provision - WilmerHale and Jenner for legal services - Deloitte for consulting services - Anchin and Grant Thornton for professional and administration services - Products and Services Requested: - Cloud hosting services for CAT operations (AWS) - Market data provision (Algoseek) - Legal services (WilmerHale, Jenner) - Consulting services (Deloitte) - Professional and administration services (Anchin, Grant Thornton) - CAT Fee 20261: Fee charged to industry members to recover budgeted costs for CAT operations, set at $0.000001 per executed equivalent share - Notable Requirements: - Budgeted CAT costs total approximately $15.15 million for the period - Fees support regulatory compliance, technology, legal, consulting, insurance, and administrative expenses for CAT - Monthly invoicing for fees, with ongoing charges until a new fee is implemented - Plan Processor: FINRA CAT, LLC responsible for CAT operations and compliance - Fee allocation is equitable among CAT Executing Brokers and Participants

Description

The Securities and Exchange Commission has filed a proposed rule change by Cboe Exchange, Inc. to establish fees for industry members related to reasonably budgeted Consolidated Audit Trail (CAT) costs under the National Market System Plan. The fees cover the period from May 1, 2026 through December 31, 2026. The rule change aims to assist the Exchange in meeting its regulatory obligations pursuant to the CAT Plan. The filing includes detailed budget estimates for technology, operating, legal, and consulting costs associated with CAT operations.

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