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Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees Related to Certain Historical Costs of the National Market System Plan Governing the Consolidated Audit Trail
Plain English Summary
The Nasdaq Texas, LLC has announced a new rule that establishes fees related to the historical costs of insurance for the Consolidated Audit Trail (CAT). This affects organizations involved in the National Market System, as they will need to account for these fees in their operations. Insurance costs for CAT were evaluated, leading to the decision to purchase cyber security liability insurance and directors' insurance. Agents should be aware of these changes and consider how they may impact their clients in the financial sector.
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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'