📊Proposed 2025 CAT Fees and Their Impact on Industry Members
Self-Regulatory Organizations; Nasdaq GEMX, LLC; 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
The SEC has published a notice regarding the proposed rule change by Nasdaq GEMX to establish fees for Industry Members associated with the Consolidated Audit Trail (CAT). The fees aim to cover operational costs under the CAT NMS Plan for the latter half of 2025, impacting market participants significantly.
Agencies
- Securities and Exchange Commission
Business Impact
$$$ - High
The regulatory document outlines proposed fees for CAT costs, impacting financial obligations for Industry Members, including execution brokers in the securities market. These fees are pivotal for compliance with the CAT NMS Plan and can affect operational costs. The text emphasizes that these fees will be calculated based on executed share volumes, influencing how businesses manage transactional costs during the specified period.