The CAT Funding Model contemplates two categories of CAT fees: (1) CAT fees assessed by CATLLC to CAT Executing Brokers to recover a portion of historical CAT costs previously paid to CATLLC by the Participants (referred to as “Historical CAT Assessment” fees), and (2) CAT fees assessed by CATLLC to CAT Executing Brokers and Participants to fund prospective CAT costs (referred to as “Prospective CAT Costs” fees). Fee rates will be determined by CATLLC and will be subject to the Plan Participants filing fee filings with the SEC to implement the given fee rate on behalf of CATLLC. Fee rates also will be announced via CAT Fee Alert. 

To date, the Participants are filing fee filings for two CAT fees: CAT Fee 2024-1 and Historical CAT Assessment 1.  

CAT Fee 2024-1 would establish a fee rate to be assessed to each CAT Executing Broker of $0.000035 per executed equivalent share for each transaction in Eligible Securities. CAT Executing Brokers will receive their first monthly invoice for CAT Fee 2024-1 in October 2024 calculated based on their transactions as CAT Executing Brokers in September 2024.

Historical CAT Assessment 1 would establish a fee rate to be assessed to each CAT Executing Broker for Historical CAT Assessment 1 of $0.000013 per executed equivalent share for each transaction in Eligible Securities.  CAT Executing Brokers will receive their first monthly invoice for Historical CAT Assessment 1 in November 2024 calculated based on their transactions as CAT Executing Brokers in October 2024.

For additional information, please refer to CAT Alert 2023-02, CAT Fee Alert 2024-1, CAT Fee Alert 2024-2 and the Participants’ fee filings regarding CAT Fee 2024-2 and Historical CAT Assessment 1.