Notice2025-00168
Self-Regulatory Organizations; Investors Exchange LLC; 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
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 8, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 5 (Wednesday, January 8, 2025)</title>
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[Federal Register Volume 90, Number 5 (Wednesday, January 8, 2025)]
[Notices]
[Pages 1561-1562]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-00168]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-102072; File No. SR-IEX-2024-29]
Self-Regulatory Organizations; Investors Exchange LLC; 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
January 2, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on December 20, 2024, Investors Exchange LLC (``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Item I below, which Item has been
substantially prepared by the Exchange. The Exchange has designated
this proposal for immediate effectiveness pursuant to Section
19(b)(3)(A) of the Act \3\ and Rule 19b-4(f) thereunder.\4\ The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A).
\4\ 17 CFR 240.19b-4(f). At any time within 60 days of the
filing of the proposed rule change, the Commission summarily may
temporarily suspend such rule change if it appears to the Commission
that such action is necessary or appropriate in the public interest,
for the protection of investors, or otherwise in furtherance of the
purposes of the Act. If the Commission takes such action, the
Commission will institute proceedings to determine whether the
proposed rule change should be approved or disapproved.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to establish fees for Industry Members \5\
related to reasonably budgeted CAT costs of the National Market System
Plan Governing the Consolidated Audit Trail (the ``CAT NMS Plan'' or
``Plan'') for 2025. These fees would be payable to Consolidated Audit
Trail, LLC (``CAT LLC'' or the ``Company'') and referred to as CAT Fee
2025-1, and would be described in a section of the Exchange's fee
schedule entitled ``Consolidated Audit Trail Funding Fees.'' The fee
rate for CAT Fee 2025-1 would be $0.000022 per executed equivalent
share. CAT Executing Brokers will receive their first monthly invoice
for CAT Fee 2025-1 in February 2025 calculated based on their
transactions as CAT Executing Brokers for the Buyer (``CEBB'') and/or
CAT Executing Brokers for the Seller (``CEBS'') in January 2025. CAT
Fee 2025-1 is anticipated to be in place for six months, and is
anticipated to recover approximately one-half of the costs set forth in
the reasonably budgeted CAT costs for 2025. CAT LLC intends for CAT Fee
2025-1 to replace CAT Fee 2024-1 (which has a fee rate of
$0.000035).\6\
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\5\ An ``Industry Member'' is defined as ``a member of a
national securities exchange or a member of a national securities
association.'' See IEX Rule 11.610(u). See also Section 1.1 of the
CAT NMS Plan. Unless otherwise specified, capitalized terms used in
this rule filing are defined as set forth in the CAT NMS Plan and/or
the CAT Compliance Rule. See IEX Rule Series 11.600.
\6\ See paragraph (a)(3) of Consolidated Audit Trail Funding
Fees. See also Securities Exchange Act Release No. 100834 (August
27, 2024), 89 FR 71747 (September 3, 2024) (SR-IEX-2024-14) (``Fee
Filing for CAT Fee 2024-1''); IEX Fee Schedule, available at <a href="https://www.iexexchange.io/resources/trading/fee-schedule">https://www.iexexchange.io/resources/trading/fee-schedule</a>.
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The proposed rule change, including the Exchange's statement of the
purpose of, and statutory basis for, the proposed rule change, is
available on the Exchange's website at <a href="http://www.iextrading.com">www.iextrading.com</a>, at the
principal office of the Exchange, and on the Commission's website at
<a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-IEX-2024-29">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-IEX-2024-29</a>.
II. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act.\7\
[[Page 1562]]
Comments may be submitted electronically by using the Commission's
internet comment form (<a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-IEX-2024-29">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-IEX-2024-29</a>) or by sending an email to <a href="/cdn-cgi/l/email-protection#c5b7b0a9a0e8a6aaa8a8a0abb1b685b6a0a6eba2aab3"><span class="__cf_email__" data-cfemail="84f6f1e8e1a9e7ebe9e9e1eaf0f7c4f7e1e7aae3ebf2">[email protected]</span></a>. Please include file number SR-IEX-2024-29 on the
subject line. Alternatively, paper comments may be sent to Secretary,
Securities and Exchange Commission, 100 F Street NE, Washington, DC
20549-1090. All submissions should refer to file number SR-IEX-2024-29.
To help the Commission process and review your comments more
efficiently, please use only one method. The Commission will post all
comments on the Commission's internet website (<a href="https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-IEX-2024-29">https://www.sec.gov/rules-regulations/self-regulatory-organization-rulemaking/national-securities-exchanges?file_number=SR-IEX-2024-29</a>). Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-IEX-2024-29 and should be submitted on
or before January 29, 2025.
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\7\ Copies of the submission, all subsequent amendments, all
written statements with respect to the proposed rule change that are
filed with the Commission, and all written communications relating
to the proposed rule change between the Commission and any person,
other than those that may be withheld from the public in accordance
with the provisions of 5 U.S.C. 552, will be available for website
viewing and printing in the Commission's Public Reference Room, 100
F Street NE, Washington, DC 20549, on official business days between
the hours of 10 a.m. and 3 p.m. Copies of the filing also will be
available for inspection and copying at the principal office of SRO.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
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\8\ 17 CFR 200.30-3(a)(12).
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J. Matthew DeLesDernier,
Deputy Secretary.
[FR Doc. 2025-00168 Filed 1-7-25; 8:45 am]
BILLING CODE 8011-01-P
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