Federal Register #SR-GEMX-2026-16

SEC Notice: Nasdaq GEMX, LLC CAT Fee Structure and Vendor Services for 2026

This notice details the Securities and Exchange Commission's (SEC) publication of a proposed rule change by Nasdaq GEMX, LLC to establish fees for industry members to cover the budgeted costs of the Consolidated Audit Trail (CAT) for May 1, 2026, through December 31, 2026. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors Involved: - Amazon Web Services, Inc. (AWS) – cloud hosting services - Algoseek, LLC – market data provision - WilmerHale – legal services - Jenner – legal services - Deloitte – consulting services - Anchin – professional and administration services - Grant Thornton – professional and administration services - Products/Services Requested: - Cloud hosting for CAT (AWS): storage, databases, compute, networking, management tools, DevOps tools, and multiple environments - Market data provision (Algoseek): data elements required by the CAT NMS Plan - Legal services (WilmerHale, Jenner): compliance, governance, policy drafting, litigation support - Consulting services (Deloitte): operational support, cost management, compliance consulting - Professional and administration services (Anchin, Grant Thornton): accounting, administration, and related support - Unique or Notable Requirements: - No specific hardware or software products are being procured; the focus is on service fees to support CAT operations and compliance - Fees are allocated to industry members based on executed equivalent share volume - The budgeted costs for the period include $49,866,667 for AWS, $19,691,953 for operating fees (including Algoseek), $5,670,452 each for legal and consulting services, and $749,151 for professional/administration services - The CAT Fee 20261 is set at $0.000001 per executed equivalent share, billed monthly to CAT Executing Brokers - Services support regulatory compliance, technology operations, and administration for the CAT system

Description

The Securities and Exchange Commission has announced the filing and immediate effectiveness of a proposed rule change by Nasdaq GEMX, LLC. The rule change pertains to establishing 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. The notice includes details about the filing, the relevant docket IDs, and links to the full text of the rule change.

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