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2025-00892 — Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Fee Schedule To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for 2025
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January 16, 2025
Type:Notice
Citation:90 FR 4819
Reading Time:about 4 minutes
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.
2024-31769 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for 2025
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January 06, 2025
Type:Notice
Citation:90 FR 702
Reading Time:about 3 minutes
The Cboe Exchange, Inc. has submitted a proposed rule change to the Securities and Exchange Commission regarding their "Consolidated Audit Trail Funding Fees" for 2025. This proposal sets the fee rate at $0.000022 per executed equivalent share and is designed to take immediate effect. The Commission is seeking feedback on this change, inviting the public to submit comments electronically or by mail before January 27, 2025. The full details are available on both the Cboe and SEC websites.
Simple Explanation
The Cboe Exchange wants to charge a tiny fee whenever a share is traded to help pay for a big system that keeps track of trading, and they want to start this right away. Some people think it's not clear how they figured out this fee or if it's fair, and it's all written in a way that can be hard for most people to understand.

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