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Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the MIAX Pearl 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 Pearl Options Exchange has updated its fee schedule, which now includes charges for industry members related to historical insurance costs associated with the Consolidated Audit Trail (CAT). This change affects all members of the exchange who are involved in the options market. Agents should review the new fee structure and assess how these changes might impact their operations and costs.
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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'