Federal Register #SR-TXSE-2026-033

Texas Stock Exchange LLC Rule Change: Industry Member Fees for CAT Costs (NMS Plan)

This opportunity concerns the Texas Stock Exchange LLC's proposed rule change to establish industry member fees for the Consolidated Audit Trail (CAT) under the National Market System (NMS) Plan. - Government Buyer: - Texas Stock Exchange LLC, regulated by the Securities and Exchange Commission (SEC) - OEMs and Vendors: - Amazon Web Services, Inc. (AWS): Cloud hosting provider for CAT - Algoseek, LLC: Market data provider for CAT - Deloitte: Consulting services for CAT operations and budget analysis - Products/Services Requested: - Cloud hosting services (AWS): Storage, databases, compute, networking, management tools, DevOps tools, multiple environments (development, testing, production) - Market data services (Algoseek): Data elements required by the CAT NMS Plan - Consulting services (Deloitte): Budget analysis, cost management, support for the Operating Committee - CAT Fee 2026-1: $0.000001 per executed equivalent share, charged monthly to industry members (CAT Executing Brokers) based on transaction volume - Unique/Notable Requirements: - Compliance with SEC Rule 613 and the CAT NMS Plan - Budgeted CAT costs total approximately $15.15 million for the period - Fee structure designed to be equitable and not unfairly discriminatory - Monthly invoicing for fees, with continuation until a new CAT Fee is implemented - Services and fees cover technology, legal, consulting, insurance, and administrative expenses - Period of Performance: - May 1, 2026 through December 31, 2026 (eight months), with monthly invoicing from June 2026 through January 2027 - Fees continue monthly after January 2027 until a new fee is set

Description

This notice announces a proposed rule change by the Texas Stock Exchange LLC to amend its fee schedule. The amendment establishes fees for industry members related to reasonably budgeted costs of the Consolidated Audit Trail (CAT) under the National Market System Plan. The fees apply for the period from May 1, 2026 through December 31, 2026. The proposal includes details on budgeted CAT costs, fee calculations, and the roles of various service providers involved in the CAT operation and maintenance.

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