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Self-Regulatory Organizations; MIAX Emerald, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the MIAX Emerald Options Exchange Fee Schedule To Establish Fees for Industry Members Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Plain English Summary
The MIAX Emerald Options Exchange has updated its fee schedule to include new charges for industry members related to the costs of insurance for the Consolidated Audit Trail (CAT). This change affects all members who participate in the options exchange. The insurance costs amount to $880,419, which were incurred during the Pre-FAM Period. Starting in 2020, CAT LLC explored different insurance options and decided to purchase cyber security liability insurance and directors' insurance based on their analysis of coverage and premiums. Agents should review the updated fee schedule and inform their clients about these changes.
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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'