Opportunity
Federal Register #SR-PHLX-2026-26
SEC Notice: Nasdaq PHLX LLC Proposed Fees for Historical CAT Costs Recovery
Buyer
Securities and Exchange Commission
Posted
May 15, 2026
Identifier
SR-PHLX-2026-26
NAICS
523210
This notice from the Securities and Exchange Commission (SEC) concerns a proposed rule change by Nasdaq PHLX LLC to establish fees for recovering historical costs associated with the Consolidated Audit Trail (CAT) system. - Government Buyer: - Securities and Exchange Commission (SEC) - Nasdaq PHLX LLC (filing entity) - OEMs and Vendors Mentioned: - Amazon Web Services, Inc. (AWS) – cloud hosting provider for CAT - Kingland Systems Corporation – CAIS-related services - Exegy Incorporated – market data provider - Products/Services Requested: - Recovery of $38,964,855.34 in historical CAT costs incurred prior to January 1, 2022 - Fee rate: $0.000002 per executed equivalent share, invoiced monthly to CAT Executing Brokers - No new procurement of goods or services; fees are for previously incurred services and technology - Unique/Notable Requirements: - Fees are payable to Consolidated Audit Trail, LLC (CAT LLC) - Assessment period estimated at 24 months, starting June 2026, until full recovery - Historical costs include technology, legal, consulting, insurance, and public relations expenses - Compliance with financial accountability milestones is confirmed - Place of Performance/Delivery: - SEC headquarters, 100 F Street NE, Washington, DC - No new products or services are being solicited; this is a regulatory fee recovery action.
Description
The Securities and Exchange Commission has published a notice regarding a proposed rule change by Nasdaq PHLX LLC. The rule change pertains to establishing fees related to certain historical costs of the National Market System Plan governing the Consolidated Audit Trail. The notice includes details about the filing, the agency involved, and links to the full text and related documents. The fees would be payable to Consolidated Audit Trail, LLC and are intended to recover remaining historical costs not previously invoiced. The fee rate proposed is $0.000002 per executed equivalent share, with the first invoices expected in June 2026.