Federal Register #SR-NASDAQ-2026-040

Nasdaq Rule Change: Establishment of CAT Fee 20261 for CAT Operational Costs

This opportunity concerns the SEC's notice of a Nasdaq rule change to establish fees for industry members to fund the operation and maintenance of the Consolidated Audit Trail (CAT) for a defined period. - Government Buyer: - Securities and Exchange Commission (SEC) - The Nasdaq Stock Market LLC (filing entity) - OEMs and Vendors: - Amazon Web Services, Inc. (AWS) – cloud hosting services - WilmerHale and Jenner – legal services - Deloitte – consulting services - Anchin and Grant Thornton – professional and administration services - Algoseek – market data services - Products/Services Requested: - Cloud hosting for CAT (AWS) - Legal services for CAT operation and compliance (WilmerHale, Jenner) - Consulting services for CAT operation (Deloitte) - Professional and administration services (Anchin, Grant Thornton) - Market data services (Algoseek) - Fee structure: CAT Fee 20261, charged at $0.000001 per executed equivalent share, invoiced monthly to industry members - Unique/Notable Requirements: - Fees are calculated based on executed equivalent shares and support a comprehensive range of CAT operational costs - Services include technology infrastructure, legal compliance, consulting, administration, and market data provision - The rule change is effective immediately and covers a specific eight-month period - CAT Fee 20261 will remain in effect until a new fee is established

Description

The Nasdaq Stock Market LLC has filed a proposed rule change to establish 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. These fees, referred to as CAT Fee 20261, are payable to Consolidated Audit Trail, LLC and are calculated based on executed equivalent shares. The fees are intended to cover technology, legal, consulting, insurance, professional, administration, and other costs associated with the operation and maintenance of the CAT system. The rule change is effective immediately upon filing with the Securities and Exchange Commission.

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