9 Jul 2025
📊Cboe C2 Exchange's Proposed Rule Change on CAT Fees
Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for Industry Members Related to Reasonably Budgeted Costs of the National Market System Plan Governing the Consolidated Audit Trail for the Period From July 1, 2025 Through December 31, 2025
Summary
Cboe C2 Exchange has filed a significant proposal to amend its fee schedule for the Consolidated Audit Trail (CAT) Fund, aiming to establish necessary fees for industry members for July through December 2025. This is part of an ongoing effort to manage the costs related to the CAT, which captures all customer and order event data across markets.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The proposed rule change introduces "Consolidated Audit Trail Funding Fees," impacting costs for industry members associated with the management of the CAT data system. These fees are necessary for funding ongoing compliance and operational efforts, directly affecting business expenses and budgeting requirements for securities firms.