MIAX PEARL, LLC has proposed a rule change to amend its fee schedule for equity securities trading to introduce new fees for Industry Members. These fees, referred to as CAT Fee 2025-1, are intended to cover part of the costs associated with the National Market System Plan for the Consolidated Audit Trail. Starting at a rate of $0.000022 per executed equivalent share, these fees will replace an earlier fee, CAT Fee 2024-1, which had a higher rate of $0.000035. The Securities and Exchange Commission is inviting public comments on this proposed rule change.
Simple Explanation
MIAX PEARL, a securities exchange, wants to change some costs for trading stocks to help cover the cost of a special tracking system used to keep everything fair and safe. They want to set a new fee that is a little lower than an older one, to share the costs of this system for just half a year.