Federal Register #SR-NASDAQ-2026-038

SEC/Nasdaq Fee Assessment for Historical CAT System Costs and Technology Services

This opportunity concerns the SEC's notice of a proposed rule change by The Nasdaq Stock Market LLC to establish fees for recovering historical costs associated with the Consolidated Audit Trail (CAT) system. - Government Buyer: - Securities and Exchange Commission (SEC) - The Nasdaq Stock Market LLC (as the proposing exchange) - OEMs and Vendors: - Amazon Web Services, Inc. (AWS): Cloud hosting services for CAT - Kingland Systems Corporation: Development and operation of the Customer and Account Information System (CAIS) - Thesys Technologies, LLC: Initial Plan Processor for CAT - Exegy Incorporated: Market data provision - Products/Services Requested: - Secure, resilient cloud hosting for CAT (AWS) - CAIS development and operation (Kingland) - Plan Processor services, including management, operation, testing, security, and billing (Thesys Technologies) - Market data provision, including all required data elements (Exegy) - Historical CAT Assessment 1A Fee: Recovery of $38,964,855.34 in historical CAT costs, charged at $0.000002 per executed equivalent share to CAT Executing Brokers - Notable Requirements: - Use of AWS for secure, resilient cloud infrastructure - Specialized technology providers for CAIS and market data - Fee recovery period set for up to 24 months, or until full amount is collected, with a final deadline - Applies to Industry Members (members of national securities exchanges or associations) - Fee calculation methodology and compliance with Financial Accountability Milestones - Locations: - SEC headquarters (Washington, DC) - The Nasdaq Stock Market LLC - Federal Register (contracting office)

Description

The notice pertains to a proposed rule change by The Nasdaq Stock Market LLC, filed with the SEC for immediate effectiveness. The rule change involves establishing fees related to certain historical costs associated with the National Market System Plan governing the Consolidated Audit Trail. These fees are intended to recover remaining historical costs not previously invoiced. The fees will be payable to Consolidated Audit Trail, LLC and are described in the Exchanges fee schedule under Consolidated Audit Trail Funding Fees.

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