MIAX PEARL, LLC, a self-regulatory organization, has filed a proposed rule change with the Securities and Exchange Commission (SEC) to establish a new fee structure related to the Consolidated Audit Trail (CAT) costs for 2025. These fees will be charged to industry members and are set at a rate of $0.000022 per executed equivalent share. The new fee, called CAT Fee 2025-1, will replace the previous CAT Fee 2024-1 and is scheduled to be in effect for six months, aiming to cover half of the budgeted CAT costs for the year. The SEC is inviting public comments on this proposal until February 6, 2025.
Simple Explanation
MIAX PEARL wants to change the way they charge companies for keeping track of stock trades, setting a new fee that would be less than before, to cover some but not all of their costs for 2025's trading audit system. They're asking people to share their thoughts on this change by early February to help decide what to do next.