To date, the Participants have paid the full cost of the creation, implementation and maintenance of the CAT since 2012. The CAT NMS Plan, however, contemplates a funding model in which both Participants and Industry Members contribute to the funding of the CAT. On September 6, 2023, the Commission approved an amendment to the CAT NMS Plan which established a funding model (“CAT Funding Model”) that allocates CAT costs among Participants and Industry Members through the use of executed equivalent share transaction-based fees that will be assessed by Consolidated Audit Trail, LLC (“CATLLC”). (See FAQ V5 for definition of “executed equivalent shares.”)

The Participants will separately file fee filings pursuant to Section 19(b) of the Exchange Act to implement the fee rates for one or more Historical CAT Assessments and for Prospective CAT Fees to be charged by CATLLC to CAT Executing Brokers.