MIAX Emerald, LLC has proposed a rule change to amend its Fee Schedule to establish a new fee, called CAT Fee 2025-1, related to the Consolidated Audit Trail (CAT) for 2025. This fee is set at $0.000022 per executed equivalent share and aims to cover half of the budgeted costs for the CAT in 2025. The proposal, filed with the Securities and Exchange Commission (SEC), is effective immediately, and the SEC is inviting public comments on this change before February 6, 2025. CAT Fee 2025-1 replaces the previous CAT Fee 2024-1, which was set at a higher rate.
Simple Explanation
MIAX Emerald is changing a money rule to charge a tiny bit of money each time a trade is made to help pay for a big system that watches all the trades. They used to charge more, but now they decided to charge less.