Opportunity
Federal Register #SR-GEMX-2026-17
SEC Solicitation: Recovery of Historical CAT System Costs via Industry Fees
Buyer
Securities and Exchange Commission
Posted
May 15, 2026
Identifier
SR-GEMX-2026-17
NAICS
518210
This opportunity involves the Securities and Exchange Commission (SEC) overseeing a proposed rule change by Nasdaq GEMX, LLC to establish fees for recovering historical costs associated with the Consolidated Audit Trail (CAT) system. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - Amazon Web Services, Inc. (cloud hosting services) - Kingland Systems Incorporation (CAIS operating services) - Thesys Technologies, LLC (initial Plan Processor and technology development) - Exegy Incorporated (market data provision) - Products/Services Requested: - Cloud hosting services for the CAT system - Development and operation of the Customer and Account Information System (CAIS) - Market data provision for CAT operations - Technology development, application testing, security assessment, and billing function development for the CAT system - Assessment and collection of Historical CAT Assessment 1A fees totaling $38,964,855.34, charged at $0.000002 per executed equivalent share to CAT Executing Brokers - Notable Requirements: - Fees are assessed monthly based on executed equivalent shares and will continue until the full historical cost is recovered - All services and fees must comply with the CAT NMS Plan and SEC Rule 613 - Use of specialized subcontractors for technical and operational support - Arms-length negotiation of fees and adherence to financial accountability milestones
Description
Nasdaq GEMX, LLC has proposed a rule change to establish fees related to certain historical costs of the National Market System Plan governing the Consolidated Audit Trail (CAT). The fees aim to recover remaining historical CAT costs that were not previously invoiced. The rule change was filed with the Securities and Exchange Commission and became effective immediately. The fees will be assessed on Industry Members based on executed equivalent shares and will be payable to Consolidated Audit Trail, LLC.