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Self-Regulatory Organizations; MEMX LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Concerning the Consolidated Audit Trail
Plain English Summary
A new rule has been established by MEMX LLC that affects industry members by introducing fees related to the historical costs of the National Market System Plan for the Consolidated Audit Trail (CAT). This includes insurance costs totaling $880,419 incurred during the Pre-FAM Period. Starting in 2020, CAT LLC reviewed different insurance options and decided to purchase cyber security liability insurance and directors' insurance based on their evaluations. Agents should be aware of these fees and consider how they may impact their operations and costs moving forward.
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(VIII) <span class="match">Insurance</span>
The <span class="match">insurance</span> costs of $880,419 represent the cost incurred for <span class="match">insurance</span> for CAT during the Pre-FAM Period. Commencing in 2020, CAT LLC performed an evaluation of various potential alternatives for CAT <span class="match">insurance</span> policies, which included engaging in discussions with different <span class="match">insurance</span> companies and conducting cost comparisons of various alternative approaches to <span class="match">insurance</span>. Based on an analysis of a variety of factors, including coverage and premiums, CAT LLC determined to purchase cyber security liability <span class="match">insurance</span>, directors'