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The Securities and Exchange Commission has announced that the Investors Exchange LLC submitted a proposed rule change to establish new fees for 2025 to cover costs related to the National Market System Plan Governing the Consolidated Audit Trail (CAT). This proposal includes a fee called CAT Fee 2025-1 set at $0.000022 per executed equivalent share, which is expected to be effective for six months and aims to recover half of the budgeted costs for 2025. The public is invited to submit comments on the proposal by January 29, 2025.

The Investors Exchange LLC (IEX) has proposed a new rule to create an options trading facility called "IEX Options." This facility will be a fully automated system designed to trade options contracts, similar to other options exchanges. The plan includes implementing guidelines to protect Market Makers from risks, like the execution of outdated quotes, and to ensure fair trading practices. IEX will also adopt certain rules from other exchanges to maintain fairness and efficiency in the options market. The Securities and Exchange Commission is inviting public feedback on this proposal.

The Options Clearing Corporation (OCC) submitted a rule change to the Securities and Exchange Commission (SEC) to update its documentation on how it calculates margin requirements for its members. This new document, called the STANS Methodology Description, aims to improve transparency about OCC's risk-based margin system by replacing a previous document while excluding certain outdated or redundant details. The SEC approved the proposal, believing it aligns with existing laws and regulations, and helps OCC manage risk in the event that a member defaults, thereby protecting the funds and securities in its care.

The NCUA Board has issued a final rule amending regulations for corporate credit unions. This rule clarifies that corporate credit unions are allowed to purchase subordinated debt instruments from natural person credit unions and outlines how these investments will be treated in terms of capital. The rule aims to balance providing flexibility for these transactions while minimizing systemic risk to the credit union system by requiring such debt instruments to be deducted from Tier 1 capital. This amendment takes effect on January 1, 2022.

The Commodity Futures Trading Commission (CFTC) has amended the margin rules for uncleared swaps for swap dealers and major swap participants without a prudential regulator. The new rules allow for a minimum transfer amount (MTA) of up to $50,000 for each separately managed account (SMA) of a legal entity. They also permit separate MTAs for initial and variation margin, provided they don't exceed $500,000 combined. These changes aim to reduce operational burdens while ensuring the swaps market continues to function smoothly and safely.

The Securities and Exchange Commission (SEC) announced that MIAX Sapphire, LLC (the "Exchange") filed a proposal to amend its rules to allow listing and trading of options on the iShares Ethereum Trust. This change allows investors to trade options on the Trust, which is intended to mimic the performance of Ethereum without having to directly invest in the cryptocurrency itself. The Exchange will apply existing rules regarding trading options on ETFs, including those concerning listing criteria, price limits, and surveillance measures. The SEC is soliciting public comments and has expedited the rule change's effectiveness for investor benefit.

The Securities and Exchange Commission has issued a notice about a proposed rule change by NYSE Arca, Inc. This rule aims to replace the Discretionary Pegged Order with a new order type called the Selective Midpoint Order (SeMi Order). The SeMi Order will use a machine-learning model to improve price protection during volatile market conditions. This proposed change seeks to enhance the flexibility and functionality of trading strategies for market participants while maintaining fair and open market practices.

The Cboe EDGX Exchange, Inc. proposed a rule change to update its fee schedule by removing certain routing fee codes (8, K, and MX) due to minimal usage. This change means these orders will now fall under the standard routing fees, making the system more efficient. The exchange operates in a competitive market where participants can choose other venues if they find fee levels too high. The proposed change aims to promote competition without imposing unfair burdens on any members.

Cboe EDGX Exchange, Inc. has announced a proposed rule change to increase the monthly fee for 10 Gb physical port connections from $7,500 to $8,500. The increase is intended to keep the fees in line with inflation and the costs the exchange incurs to maintain and improve its technology and services. This fee applies uniformly to all market participants who use these high-capacity connections, and it remains lower than similar fees charged by other exchanges. The change is justified by enhancements made to the exchange's services, which have benefited users by improving the capacity and speed of data processing.

The Cboe EDGX Exchange, Inc. has filed a notice with the Securities and Exchange Commission about changes it is proposing to the fees associated with its EDGX Top Feed data product. These changes include an increase in fees for internal distribution of the data from $500 to $750 per month and the introduction of a $4 monthly fee for each professional user accessing the data internally. The Exchange argues that these fees are competitive when compared to similar products by other exchanges and that this change aligns with their goal of providing valuable market data while operating in a competitive environment. The proposed rule change has taken effect and is open for public comments.