Federal Register #SR-CBOE-2026-043

SEC Notice: Cboe Exchange Rule Change for Historical CAT Funding Fee Recovery

This notice from the Securities and Exchange Commission (SEC) details a proposed rule change by Cboe Exchange, Inc. regarding the Consolidated Audit Trail (CAT) Funding Fees: - The amendment introduces Historical CAT Assessment 1A fees to recover $38,964,855.34 in historical CAT costs from Industry Members (specifically CAT Executing Brokers). - The fee rate is $0.000002 per executed equivalent share. - Billing will begin in June 2026 and is expected to continue monthly for approximately two years, or until the full amount is collected. - The historical costs being recovered include technology, legal, consulting, insurance, and public relations expenses related to CAT development and operation, covering periods from 2012 through 2021. - Key OEMs and technology providers supporting the CAT system include: - Amazon Web Services, Inc. (AWS): Cloud hosting services for the CAT system - Kingland Systems Corporation: Development and operation of the Customer and Account Information System (CAIS) - Exegy: Market data services - FINRA CAT, LLC (a FINRA subsidiary): Plan processor for the CAT - Thesys Technologies, LLC: Past plan processor for the CAT - No new procurement of products or services is being solicited; the notice is regulatory and pertains to fee changes and the associated technology providers supporting the CAT infrastructure.

Description

The Securities and Exchange Commission (SEC) published a notice regarding a proposed rule change by Cboe Exchange, Inc. to amend its fee schedule titled “Consolidated Audit Trail Funding Fees.” The amendment establishes fees for Industry Members related to certain historical costs of the National Market System Plan Governing the Consolidated Audit Trail incurred prior to January 1, 2022, which were not previously invoiced. The rule change has been made effective immediately upon publication. The notice includes detailed information about the purpose, statutory basis, and background of the fee schedule amendment.

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