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Self-Regulatory Organizations; Texas Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the 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 Texas Stock Exchange has announced a change to its fee schedule that will affect industry members. This change introduces new fees related to the historical costs of insurance incurred for the Consolidated Audit Trail (CAT). Specifically, the insurance costs amount to $880,419, which were evaluated and determined necessary for cyber security liability and directors' coverage. Insurance agents should be aware of these new fees and consider how they may impact their clients involved in the market.
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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'