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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 Reasonably Budgeted CAT Costs of the National Market System Plan Governing the Consolidated Audit Trail for the Period From May 1, 2026 Through December 31, 2026
Plain English Summary
The Texas Stock Exchange has announced changes to its fee schedule for industry members. Starting from May 1, 2026, through December 31, 2026, there will be new fees related to the costs of maintaining the Consolidated Audit Trail (CAT) system. These costs include necessary insurance policies such as cyber security liability, directors' and officers' liability, and errors and omissions liability. Insurance agents should be aware of these changes and prepare for the impact on their clients' fees during this period.
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3(a)(2)(C) above.
It is anticipated that the <span class="match">insurance</span> costs for CAT during the CAT Fee 2026-1 Period will include costs related to cyber security liability <span class="match">insurance</span>, directors' and officers' liability <span class="match">insurance</span>, and errors and omissions liability <span class="match">insurance</span> brokered by USI <span class="match">Insurance</span> Services LLC (“USI”). Such policies are standard for corporate entities, and cyber security liability <span class="match">insurance</span> is important for the CAT System. CAT LLC anticipates that it will continue to maintain this <span class="match">insurance</span> during the CAT Fee 2026-1 Period, and notes that