the Company in connection with the development, implementation and
operation of the CAT during the period from June 22, 2020 through July
31, 2020.
---------------------------------------------------------------------------

    \78\ Q3 2020 Quarterly Progress Report (Oct. 30, 2020)
(available at www.catnmsplan.com).
---------------------------------------------------------------------------

    The Operating Committee also indicates that the proposed Historical
CAT Assessment seeks to recover costs that are related to Post-
Amendment Expenses incurred during Period 2. Period 2 began on August
1, 2020, and concluded on December 31, 2020, the date of the Full
Implementation of Core Equity Reporting. As indicated by the
Participants' Quarterly Progress Report,\79\ Full Implementation of
Core Equity Reporting was completed on schedule by December 31, 2020.
As discussed above, the Historical CAT Assessment Costs to be recovered
via the Historical CAT Assessment would include fees, costs and
expenses incurred by or for the Company in connection with the
development, implementation and operation of the CAT during the period
from August 1, 2020 through December 31, 2020.
---------------------------------------------------------------------------

    \79\ Q4 2020 Quarterly Progress Report (Jan. 29, 2021)
(available at www.catnmsplan.com).
---------------------------------------------------------------------------

ii. Period 3 CAT Fee
    The Operating Committee also determined to charge Industry Members
a quarterly fee to recover the Total CAT Costs incurred from January 1,
2021 through December 31, 2021, referred to as the Period 3 CAT Fee.
The Total CAT Costs incurred from January 1, 2021 through December 31,
2021 (``Period 3 CAT Costs'') will be calculated at the completion of
2021. Specifically, the Period 3 CAT Costs will be the total actual
costs incurred for the CAT for 2021 as set forth in the 2021 financial
statements for the Company. Using the Period 3 CAT Costs, the Operating
Committee will calculate the Period 3 CAT Fee owed by each Industry
Member in accordance with the Proposed Funding Model. The Operating
Committee proposes to seek to recover Period 3 CAT Costs over a period
of four calendar quarters, commencing in 2022.\80\ Each quarter, each
Industry Member will pay the greater of the minimum fee of $125 or the
Industry Member's fee calculated based on message traffic. The message
traffic fee would be calculated by multiplying the percentage of the
Industry Member's message traffic of the total Industry Member message
traffic (subject to applicable discounts for Options Market Maker
message traffic and Equity Market Maker message traffic, and the
Maximum Industry Member CAT Fee) by 1/4th of 75% of the Period 3 CAT
Costs. Each Industry Member's message traffic would be calculated using
CAT Data from the prior quarter. The Operating Committee proposes to
commence charging the Period 3 CAT Fee in the second quarter of 2022,
based on CAT Data from the first quarter of 2022. The following chart
summarizes the imposition of the Period 3 CAT Fee:
---------------------------------------------------------------------------

    \80\ Because the Period 3 CAT Fee is subject to the requirements
of the Financial Accountability Milestones, the Period 3 CAT Fee
will be imposed at the end of this time period. In contrast, because
the Participant CAT fee for this time period is not subject to the
requirements of the Financial Accountability Milestones, the
Participant CAT fee for this period will be imposed prospectively.

----------------------------------------------------------------------------------------------------------------
                                                                     CAT data used for
            Quarterly CAT fee               Quarterly industry        message traffic           Payment due
                                             member allocation          calculation
----------------------------------------------------------------------------------------------------------------
Quarterly CAT Fee #1....................  1/4th of 75% of the     CAT Data from first     2nd quarter of 2022.
                                           Period 3 CAT Costs      quarter of 2022.
                                           \81\.
Quarterly CAT Fee #2....................  1/4th of 75% of the     CAT Data from second    3rd quarter of 2022.
                                           Period 3 CAT Costs.     quarter of 2022.
Quarterly CAT Fee #3....................  1/4th of 75% of the     CAT Data from third     4th quarter of 2022.
                                           Period 3 CAT Costs.     quarter of 2022.
Quarterly CAT Fee #4....................  1/4th of 75% of the     CAT Data from fourth    1st quarter of 2023.
                                           Period 3 CAT Costs.     quarter of 2022.
----------------------------------------------------------------------------------------------------------------

    To implement the Period 3 CAT Fee, each Participant would submit a
fee filing pursuant to Section 19(b) of the Exchange Act describing the
Period 3 CAT Fee. The Operating Committee will announce via a CAT alert
after the end of 2021 the Total CAT Costs for 2021 to be used in
calculating the quarterly Period 3 CAT Fees.\82\ Such Total CAT Costs
will be set forth in the year-end financial statements of the
Consolidated Audit Trail, LLC. Such financial statements are required
to be prepared in accordance Section 9.2 of the CAT NMS Plan, including
requirements related to compliance with GAAP, auditing by an
independent public accounting firm and making the statements publicly
available.
---------------------------------------------------------------------------

    \81\ The Period 3 CAT Costs will be the total actual costs
incurred for the CAT for 2021 as set forth in the 2021 financial
statements for the Company.
    \82\ The Participants intend to file a fee filing under Section
19(b) of the Exchange Act describing the calculation method for the
Period 3 CAT Fee, and then announce via CAT alert the Total CAT
Costs to be used in calculating the CAT fees via the method
described in the fee filing. The Participants do not intend to file
a separate fee filing setting forth the Total CAT Costs relevant for
the Period 3 CAT Fee.
---------------------------------------------------------------------------

    The Operating Committee indicates that the proposed Period 3 CAT
Fee seeks to recover costs that will be related to Post-Amendment
Expenses incurred during Period 3. Period 3 began on January 1, 2021
and is expected to conclude on December 31, 2021, the date of Full
Availability and Regulatory Utilization of Transactional Database
Functionality. As discussed above, the Period 3 CAT Costs to be
recovered via the Period 3 CAT Fee would include fees, costs and
expenses incurred by or for the Company in connection with the
development, implementation and operation of the CAT during the period
from January 1, 2020 through December 31, 2021. The Participants'
collection of the full amount of the Period 3 CAT Fee will depend upon
the achievement of Full Availability and Regulatory Utilization of
Transaction Database Functionality by December 31, 2021; if not, the
amount of the Period 3 CAT Fee that may be collected from the Industry
Members will depend upon the fee limitations set forth in Section 11.6
of the CAT NMS Plan.
iii. Period 4 CAT Fee
    The Operating Committee also determined to charge Industry Members
a quarterly fee to recover the Total CAT Costs incurred from January 1,
2022 through December 31, 2022, referred to as the Period 4 CAT Fee.
The Total CAT Costs incurred from January 1, 2022 through December 31,
2022 (``Period 4 CAT Costs'') will be calculated at the completion of
2022. Specifically, the Period 4 CAT Costs will be the total actual
costs incurred for the CAT for 2022 as set forth in the 2022 financial
statements for the Company. Using the Period 4 CAT Costs, the Operating
Committee will calculate the Period 4 CAT Fee owed by each Industry
Member in accordance with the Proposed Funding Model. The Operating
Committee proposes to seek to recover Period 4 CAT Costs over a period
of four calendar quarters, commencing in 2023.\83\ Each quarter, each
Industry Member will pay the greater of the minimum fee of $125 or the
Industry Member's fee calculated based on message traffic. The message
traffic fee would be calculated by multiplying the percentage of the
Industry Member's message traffic of the total Industry Member message
traffic (subject to applicable discounts for Options Market Maker
message traffic and Equity Market Maker message traffic, and the
Maximum Industry Member CAT Fee) by 1/4th of 75% of the Period 4 CAT
Costs. Each Industry Member's message traffic would be calculated using
CAT Data from the prior quarter. The Operating Committee proposes to
commence charging the Period 4 CAT fee in the second quarter of 2023,
based on data from the first quarter of 2023. The following chart
summarizes the imposition of the Period 4 CAT Fee:
---------------------------------------------------------------------------

    \83\ Because the Period 4 CAT Fee is subject to the requirements
of the Financial Accountability Milestones, the Period 4 CAT Fee
will be imposed at the end of this time period. In contrast, because
the Participant CAT Fee for this time period is not subject to the
requirements of the Financial Accountability Milestones, the
Participant CAT Fee for this period will be imposed prospectively.

----------------------------------------------------------------------------------------------------------------
                                                                     CAT data used for
            Quarterly CAT fee               Quarterly industry        message traffic           Payment due
                                             member allocation          calculation
----------------------------------------------------------------------------------------------------------------
Quarterly CAT Fee #1....................  1/4th of 75% of the     CAT Data from first     2nd quarter of 2023.
                                           Period 4 CAT Costs      quarter of 2023.
                                           \84\.
Quarterly CAT Fee #2....................  1/4th of 75% of the     CAT Data from second    3rd quarter of 2023.
                                           Period 4 CAT Costs.     quarter of 2023.
Quarterly CAT Fee #3....................  1/4th of 75% of the     CAT Data from third     4th quarter of 2023.
                                           Period 4 CAT Costs.     quarter of 2023.
Quarterly CAT Fee #4....................  1/4th of 75% of the     CAT Data from fourth    1st quarter of 2024.
                                           Period 4 CAT Costs.     quarter of 2023.
----------------------------------------------------------------------------------------------------------------

    To implement the Period 4 CAT Fee, each Participant would submit a
fee filing pursuant to Section 19(b) of the Exchange Act describing the
method for calculating the Period 4 CAT Fee. The Operating Committee
will announce via a CAT alert after the end of 2022 the Total CAT Costs
for 2022 to be used in calculating the quarterly Period 4 CAT Fees.\85\
Such Total CAT Costs will be set forth in the year-end financial
statements of the Consolidated Audit Trail, LLC. As noted above, such
financial statements are required to be prepared in accordance with the
requirements set forth in Section 9.2 of the CAT NMS Plan.
---------------------------------------------------------------------------

    \84\ The Period 4 CAT Costs will be the total actual costs
incurred for the CAT for 2022 as set forth in the 2022 financial
statements for the Company.
    \85\ The Participants intend to file one fee filing under
Section 19(b) of the Exchange describing the calculation method for
the Period 4 CAT Fee, and announce via CAT alert the Total CAT Costs
to be used in calculating the CAT fees via the method described in
the fee filing. The Participants do not intend to file a separate
fee filing setting forth the Total CAT Costs relevant for the Period
4 CAT Fee.
---------------------------------------------------------------------------

    The Operating Committee indicates that the proposed Period 4 CAT
Fee seeks to recover costs that will be related to Post-Amendment
Expenses incurred during Period 4. Period 4 is expected to begin on
January 1, 2022

and conclude on December 31, 2022, the date of Full Implementation of
CAT NMS Plan Requirements. As discussed above, the Period 4 CAT Costs
to be recovered via the Period 4 CAT Fee would include fees, costs and
expenses incurred by or for the Company in connection with the
development, implementation and operation of the CAT during the period
from January 1, 2022 through December 31, 2022. The Participants'
collection of the full amount of the Period 4 CAT Fee will depend upon
the achievement of Full Implementation of CAT NMS Plan Requirements by
December 31, 2022; if not, the amount of the Period 4 CAT Fee that may
be collected from the Industry Members will depend upon the fee
limitations set forth in Section 11.6 of the CAT NMS Plan.
iv. Quarterly CAT Fee--Beginning 2023
    To recover the costs of the CAT going forward beginning in 2023,
the Operating Committee determined to charge Industry Members an
ongoing quarterly CAT fee calculated based on the allocation of Total
CAT Costs pursuant to the Proposed Funding Model (``Quarterly CAT
Fee''). The Operating Committee will use the costs set forth in the
annual operating budget as the Total CAT Costs in the calculation of
the Quarterly CAT Fee. Specifically, the Total CAT Costs budgeted for
the upcoming year will be the costs set forth in the annual operating
budget for the Company required pursuant to Section 11.1(a) of the CAT
NMS Plan. As discussed above with regard to the Participant CAT fee,
CAT costs would include, but not be limited to, Plan Processor costs,
insurance costs, third-party support costs and an operational
reserve.\86\ As required by Section 11.1(c) of the CAT NMS Plan, any
surpluses collected will be treated as an operational reserve to offset
future fees and will not be distributed to the Participants as
profits.\87\ In addition, to address potential changes in the budget
during the year, the total budgeted costs for the CAT for the relevant
year may be adjusted on a quarterly basis as the Operating Committee
reasonably deems appropriate for the prudent operation of the Company.
To the extent that the Operating Committee adjusts the total budgeted
costs for the CAT for the relevant year during its quarterly budget
review, the adjusted total budgeted costs for the CAT will be used in
calculating the remaining quarterly CAT fees for that year. Using these
budgeted Total CAT Costs, the Operating Committee will calculate the
Quarterly CAT Fee owed by each Industry Member in accordance with the
Proposed Funding Model.
---------------------------------------------------------------------------

    \86\ As set forth in Section 11.1(a) of the CAT NMS Plan, the
Operating Committee may include in the budget ``the funding of any
reserve that the Operating Committee reasonably deems appropriate
for prudent operation of the Company.'' Although the Operating
Committee may determine at its discretion that a different level of
reserves is appropriate in the future, the Operating Committee
proposes to include in the budget an operational reserve comprised
of three months of ongoing CAT costs, such as Plan Processor costs,
third party support costs and insurance costs.
    \87\ CAT NMS Plan Approval Order at 84792.
---------------------------------------------------------------------------

    The Operating Committee proposes to seek to recover the budgeted
Total CAT Costs over the course of the year. Each quarter, each
Industry Member will pay the greater of the minimum fee of $125 or the
Industry Member's fee calculated based on message traffic.\88\ The
message traffic fee would be calculated by multiplying the percentage
of the Industry Member's message traffic of the total Industry Member
message traffic (subject to applicable discounts for Options Market
Maker message traffic and Equity Market Maker message traffic, and the
Maximum Industry Member CAT Fee) by 1/4th of 75% of the budgeted Total
CAT Costs for the year. Each Industry Member's message traffic would be
calculated using data from the prior calendar quarter. The Operating
Committee proposes to commence charging this CAT fee in the second
quarter of 2023, based on CAT Data from the first quarter of 2023. The
following chart summarizes the imposition of the Quarterly CAT Fee for
Industry Members each year commencing in 2023 and continuing each year
thereafter:
---------------------------------------------------------------------------

    \88\ To the extent that any two or more of the four categories
of Industry Member CAT fees (i.e., the Historical CAT Assessment,
Period 3 CAT Fee, Period 4 CAT Fee and the Quarterly CAT Fee) are
due during the same quarter, any Industry Member obligated to pay
one or more categories of fees is required to pay each category of
fee for that quarter. For example, if an Industry Member would be
subject to the Minimum Industry Member CAT Fee for the Period 4 CAT
Fee and the Minimum Industry Member CAT Fee for Quarterly CAT Fee
during the same quarter, the Industry Member would be required to
pay two minimum $125 fee that quarter for a total of $250. As
another example, suppose that an Industry Member owed a CAT fee
(other than the minimum fee of $125) for both the Historical CAT
Assessment and the Period 3 CAT Fee, the Industry Member would be
required to pay both fees that quarter.

----------------------------------------------------------------------------------------------------------------
                                                                     CAT data used for
            Quarterly CAT fee               Quarterly industry        message traffic           Payment due
                                             member allocation          calculation
----------------------------------------------------------------------------------------------------------------
Quarterly CAT Fee #1....................  1/4th of 75% of the     CAT Data from first     2nd quarter of the
                                           budgeted annual CAT     quarter of the          relevant year.
                                           costs for the           relevant year.
                                           relevant year.
Quarterly CAT Fee #2....................  1/4th of 75% of the     CAT Data from second    3rd quarter of the
                                           budgeted annual CAT     quarter of the          relevant year.
                                           costs for the           relevant year.
                                           relevant year.
Quarterly CAT Fee #3....................  1/4th of 75% of the     CAT Data from third     4th quarter of the
                                           budgeted annual CAT     quarter of the          relevant year.
                                           costs for the           relevant year.
                                           relevant year.
Quarterly CAT Fee #4....................  1/4th of 75% of the     CAT Data from fourth    1st quarter of year
                                           budgeted annual CAT     quarter of the          following the
                                           costs for the           relevant year.          relevant year.
                                           relevant year.
----------------------------------------------------------------------------------------------------------------

    To implement the Quarterly CAT Fee, each Participant would submit a
fee filing pursuant to Section 19(b) of the Exchange Act describing the
method for calculating the Quarterly CAT Fee. The Operating Committee
will announce at the beginning of the relevant year via a CAT alert the
budgeted Total CAT Costs to be used in calculating the Quarterly CAT
Fees for that year.\89\ The budgeted Total CAT Costs will be the costs
set forth in the annual operating budget for the Company required
pursuant to Section 11.1(a) of the CAT NMS Plan. Section 11.1(a) states
that ``[o]n an annual basis the Operating Committee shall approve an
operating budget for the Company. The budget shall include the
projected costs of the Company, including the costs of developing and
operating the CAT for the upcoming year, and the sources of all
revenues to cover such costs, as well as the funding of any reserve
that the Operating Committee reasonably deems appropriate for prudent
operation of the Company.'' To the extent that the Operating Committee
adjusts the budgeted Total CAT Costs for the year during its quarterly
budget review, the

Operating Committee will announce any such quarterly budget adjustments
to be used in calculating the remaining Quarterly CAT Fees for that
year via a CAT alert.
---------------------------------------------------------------------------

    \89\ The Participants intend to file one fee filing under
Section 19(b) of the Exchange Act describing the calculation method
for the Quarterly CAT Fee, and then announce via CAT alert the
budgeted Total CAT Costs to be used in calculating the CAT fees each
year via the method described in the fee filing. The Participants do
not intend to file a separate fee filing each year setting forth the
budgeted Total CAT Costs relevant for the Quarterly CAT Fee.
---------------------------------------------------------------------------

6. Collection of Fees
    Pursuant to Section 11.4 of the CAT NMS Plan, the Operating
Committee proposes to establish a system for the collection of CAT
fees. The Consolidated Audit Trail, LLC will provide each Participant
with an invoice setting forth the Participants' quarterly CAT fee for
each payment period. Each Participant will pay its CAT fees to the
Consolidated Audit Trail, LLC via the centralized system for the
collection of CAT fees established by the Consolidated Audit Trail, LLC
in the manner prescribed by the Consolidated Audit Trail, LLC. As set
forth in Section 11.4 of the CAT NMS Plan, each Participant shall pay
all its CAT fees authorized under the CAT NMS Plan as required by
Section 3.7(b) of the CAT NMS Plan.
    The Operating Committee also determined the time and manner in
which Industry Member CAT fees will be paid. The Operating Committee
determined that the Consolidated Audit Trail, LLC will provide each
Industry Member with an invoice setting forth the Industry Member's
Historical CAT Assessment, Period 3 CAT Fee, Period 4 CAT Fee and/or
Quarterly CAT Fee (as applicable) for each payment period. Consolidated
Audit Trail, LLC will provide each Industry Member with one invoice
each payment period for its CAT fees, regardless of whether the
Industry Member is a member of multiple self-regulatory organizations.
Each Industry Member will pay its CAT fees to the Consolidated Audit
Trail, LLC via the centralized system for the collection of CAT fees
established by the Consolidated Audit Trail, LLC in the manner
prescribed by the Consolidated Audit Trail, LLC. Finally, as set forth
in Section 11.4 of the CAT NMS Plan, Industry Members would be required
to pay their CAT fees within thirty days after receipt of an invoice or
other notice indicating payment is due (unless a longer payment period
is otherwise indicated). If an Industry Member fails to pay any such
fee when due, such Industry Member shall pay interest on the
outstanding balance from such due date until such fee is paid at a per
annum rate equal to the lesser of (i) the Prime Rate plus 300 basis
points, or (ii) the maximum rate permitted by applicable law.\90\ To
implement the requirements related to the timing and manner of payment
of the CAT fees for Industry Members, each Participant would submit a
fee filing pursuant to Section 19(b) of the Exchange Act describing
such requirements as discussed above.
---------------------------------------------------------------------------

    \90\ CAT Reporters will be responsible for each quarterly fee in
which they are a CAT Reporter. If a CAT Reporter ceases to the meet
the definition of a CAT Reporter during a quarter, the CAT Reporter
will still be responsible for CAT fees attributable to its message
traffic (or, the minimum fee in the alternative) during that
quarter.
---------------------------------------------------------------------------

7. Example of Application of Proposed Funding Model
    The Operating Committee has prepared an example of how the Proposed
Funding Model would operate for illustrative purposes only.
Specifically, the Operating Committee has prepared an example of CAT
fees calculated under the Proposed Funding Model based on budgeted
Total CAT Costs for 2021 as well as message traffic and market share
data for the fourth quarter of 2020. Set forth in Exhibit B to this
letter are three charts setting forth illustrative CAT fees for each
Equities Participant, Options Participant and Industry Member CAT
Reporter. Note Exhibit B only provides an illustrative example of how
the Proposed Funding Model would operate; the calculation of actual
fees will differ from this example in various ways. For example, the
Participants have paid or will have paid 100% of these costs up to the
time of the SEC approval of the Proposed Funding Model, and, as a
result, Participants would not be obligated to pay CAT fees related to
2021 CAT costs to the extent the Participants have already paid such
costs. Furthermore, Period 3 CAT Fees for Industry Members will be
calculated based on actual Total CAT Costs for 2021, not budgeted CAT
Costs for 2021, and based on CAT Data from 2022, not from 2020.
8. Satisfaction of Exchange Act and CAT NMS Plan Requirements
    The Operating Committee believes that the Proposed Funding Model
offers a variety of benefits and satisfies the funding principles and
other requirements of the CAT NMS Plan, as proposed to be revised
herein, as well as the applicable requirements of the Exchange Act.
a. Funding Principle: Section 11.2(a) of the CAT NMS Plan
    The Participants believe that the Proposed Funding Model satisfies
the funding principles set forth in Section 11.2(a) of the CAT NMS
Plan, as proposed to be modified herein. Section 11.2(a) requires the
Operating Committee, in establishing the funding of the Company, to
seek ``to create transparent, predictable revenue streams for the
Company that are aligned with the anticipated costs to build, operate
and administer the CAT and the other costs of the Company.''
    First, by adopting a CAT-specific fee tied to Total CAT Costs, the
Operating Committee will be fully transparent regarding the costs of
the CAT and how those costs will be allocated among CAT Reporters. In
contrast, charging a general regulatory fee, which might otherwise be
used to cover CAT costs as well as other regulatory costs, would be
less transparent than the selected approach of charging a fee
designated to cover CAT-related costs only.
    Second, the Proposed Funding Model would provide a predictable
revenue stream for the Company. The Proposed Funding Model provides for
a predictable revenue stream as the Proposed Funding Model is designed
to divide the Total CAT Costs among the CAT Reporters. In addition, to
address the possibility of some variability in the collected CAT fees
or an unexpected increase in costs, the Total CAT Costs covered by the
Proposed Funding Model include an operational reserve. The operational
reserve could be used in the event that the total fees are not
collected from the CAT Reporters, or costs increase due to outside
events.
    Third, the Proposed Funding Model provides for a revenue stream for
the Company that is aligned with the anticipated costs to build,
operate and administer the CAT and the other costs of the Company. The
total fees to be collected from Participants and Industry Members are
designed to cover the Total CAT Costs. Any surpluses collected will be
treated as an operational reserve to offset future fees and will not be
distributed to the Participants as profits.\91\
---------------------------------------------------------------------------

    \91\ CAT NMS Plan Approval Order at 84792.
---------------------------------------------------------------------------

b. Funding Principle: Section 11.2(b) of the CAT NMS Plan
    The Operating Committee also believes that the Proposed Funding
Model satisfies the funding principle set forth in Section 11.2(b) of
the CAT NMS Plan, which requires the Operating Committee to seek ``to
establish an allocation of the Company's related costs among
Participants and Industry Members that is consistent with the Exchange
Act, taking into account the timeline for implementation of the CAT and
distinctions in the securities trading operations of Participants and
Industry Members and their relative impact upon Company resources and
operations.'' As

discussed above, the Proposed Funding Model allocation between
Participants and Industry Members takes into account the timeline for
implementation, as the Company has been incurring CAT costs with the
development and implementation of the CAT, and Participants and certain
Industry Members have been reporting to the CAT.
    The Proposed Funding Model also recognizes the ``distinctions in
the securities trading operations of Participants and Industry
Members'' in various ways. In light of their different roles,
Participants will pay a fee based on market share and Industry Members
will pay a fee based on message traffic, as approved by the Commission
in the CAT NMS Plan. The Proposed Funding Model also recognizes the
different trading characteristics of the equities and options markets
by allocating the Adjusted Participant Allocation to Equities
Participants and Options Participants separately. Furthermore, the
Operating Committee proposes to discount Options Market Maker message
traffic and Equity Market Maker message traffic in recognition of their
distinct roles as liquidity providers in the securities markets and to
avoid potentially and inadvertently affecting market quality. The
Proposed Funding Model also recognizes the different trading
characteristics of OTC Equity Securities by not including them in the
market share calculation for Participants. The Proposed Funding Model
also is designed to take into account Participants and Industry
Members' relative impact upon Company resources and operations through
the use of message traffic and market share in calculating CAT fees.
c. Funding Principle: Section 11.2(c) of the CAT NMS Plan
    The Operating Committee also believes that the Proposed Funding
Model satisfies the funding principle set forth in Section 11.2(c) of
the CAT NMS Plan, as proposed to be modified herein. Section 11.2(c),
as proposed to be modified herein, requires the Operating Committee to
seek ``to establish a fee structure in which the fees charged to: (i)
Participants are based upon the level of market share; and (ii)
Industry Members are based upon message traffic.'' The Proposed Funding
Model requires Participants to pay a fee based on market share, and
Industry Members to pay a fee based on message traffic.
d. Funding Principle: Section 11.2(d) of the CAT NMS Plan
    The Operating Committee also believes that the Proposed Funding
Model satisfies the funding principle set forth in Section 11.2(d) of
the CAT NMS Plan, which requires the Operating Committee to seek ``to
provide for ease of billing and other administrative functions.'' The
Operating Committee believes that calculating CAT fees under the
Proposed Funding Model will be manageable as the message traffic and
market share data will be readily available. In addition, the
elimination of tiers simplifies the billing process as it removes the
subjective determination of the tier levels. In addition, the Operating
Committee proposes a Minimum Industry Member CAT Fee to ease the
administrative burden associated with very small payments.
e. Funding Principle: Section 11.2(e) of the CAT NMS Plan
    The Operating Committee also believes that the Proposed Funding
Model satisfies the funding principle set forth in Section 11.2(e) of
the CAT NMS Plan, which requires the Operating Committee to seek ``to
avoid any disincentives such as placing an inappropriate burden on
competition and a reduction in market quality.'' As discussed above,
the Operating Committee has proposed various measures to address
potential disincentives, including the market maker message traffic
discounts, the Maximum Industry Member CAT Fee, the Maximum Equities
Participant Fee and the treatment of OTC Equity Securities for the
market share calculation for Participants. The Proposed Funding Model
also is structured to avoid a reduction in market quality because it
discounts Options Market Maker message traffic and Equity Market Maker
message traffic when calculating message traffic for Options Market
Makers and Equity Market Makers, respectively. The proposed discounts
recognize the value of the market making activity to the market as a
whole.
f. Funding Principle: Section 11.2(f) of the CAT NMS Plan
    The Operating Committee also believes that the Proposed Funding
Model satisfies the funding principle set forth in Section 11.2(f) of
the CAT NMS Plan, which requires the Operating Committee to seek ``to
build financial stability to support the Company as a going concern.''
The Operating Committee believes that the Proposed Funding Model is
structured to collect sufficient funds to pay the Total CAT Costs. In
addition, the Proposed Funding Model would collect an operational
reserve for the CAT. This operational reserve is intended to address
potential shortfalls in collected CAT fees versus actual CAT costs.
g. Section 11.1(c) of the CAT NMS Plan
    The Operating Committee also believes that the Proposed Funding
Model would satisfy the requirements in Section 11.1(c) of the CAT NMS
Plan. Section 11.1(c) of the CAT NMS Plan states that ``[t]o fund the
development and implementation of the CAT, the Company shall time the
imposition and collection of all fees on Participants and Industry
Members in a manner reasonably related to the timing when the Company
expects to incur such development and implementation costs.'' The
Company has been and continues to incur development and implementation
costs for the CAT, and the Operating Committee intends for the fees to
help cover these costs. In addition, the CAT fees going forward are
proposed to be imposed close in time to when costs are incurred.
    Section 11.1(c) of the CAT NMS Plan also requires that ``[a]ny
surplus of the Company's resources over its expenses shall be treated
as an operational reserve to offset future fees.'' The Company will
operate on a ``break-even'' basis, with fees imposed to cover costs and
an appropriate reserve. Any surpluses will be treated as an operational
reserve to offset future fees and will not be distributed to the
Participants as profits.\92\ To ensure that the Participants' operation
of the CAT will not contribute to the funding of their other
operations, Section 11.1(c) of the CAT NMS Plan specifically states
that ``[a]ny surplus of the Company's revenues over its expenses shall
be treated as an operational reserve to offset future fees.'' In
addition, as set forth in Article VIII of the CAT NMS Plan, the Company
``intends to operate in a manner such that it qualifies as a `business
league' within the meaning of Section 501(c)(6) of the [Internal
Revenue] Code.'' To qualify as a business league, an organization must
``not [be] organized for profit and no part of the net earnings of [the
organization can] inure[ ] to the benefit of any private shareholder or
individual.'' \93\ As the SEC stated when approving the CAT NMS Plan,
``the Commission believes that the Company's application for Section
501(c)(6) business league status addresses issues raised by commenters
about the Plan's proposed allocation of profit and loss by mitigating
concerns that the Company's earnings could be used to benefit
individual

Participants.'' \94\ The Internal Revenue Service has determined that
the Company is exempt from federal income tax under Section 501(c)(6)
of the Internal Revenue Code.
---------------------------------------------------------------------------

    \92\ CAT NMS Plan Approval Order at 84792.
    \93\ 26 U.S.C. 501(c)(6).
    \94\ CAT NMS Plan Approval Order at 84793.
---------------------------------------------------------------------------

h. Equitable Allocation of Reasonable Fees
    The Operating Committee believes that the proposed CAT fees provide
for the ``equitable allocation of reasonable dues, fees, and other
charges among its members and issuers and other persons using its
facilities necessary or appropriate in furtherance of the purposes of
this chapter,'' \95\ as required by the Exchange Act. The Operating
Committee believes that the CAT fees equitably allocate CAT costs
between and among Participants and Industry Members, as discussed in
detailed above. For the reasons discussed above, the Operating
Committee believes that the allocation percentages in the Proposed
Funding Model as well as the use of message traffic for allocating
costs among Industry Members and the use of market share for allocating
costs among Participants provide for an equitable allocation of CAT
costs among CAT Reporters. In addition, as discussed above, the
Operating Committee believes that the imposition of minimum and maximum
fees and market maker discounts as well as the treatment of OTC Equity
Securities for the market share calculation for Participants would
operate to provide for an equitable allocation of CAT costs among CAT
Reporters.
---------------------------------------------------------------------------

    \95\ Sections 6(b)(4) and 15A(b)(5) of the Exchange Act.
---------------------------------------------------------------------------

i. No Unfair Discrimination
    The Operating Committee believes that the Proposed Funding Model is
``not designed to permit unfair discrimination between customers,
issuers, brokers, or dealers,'' \96\ as required by the Exchange Act.
In addition, the Proposed Funding Model does not unfairly discriminate
between Industry Members and Participants, among Industry Members or
among Participants. All Industry Members are grouped together for the
purpose of determining CAT fees, and all Participants are grouped
together for the purpose of determining CAT fees. CAT Reporters with
similar levels of activity will pay similar fees. For example, Industry
Members with higher levels of message traffic will pay higher fees, and
those with lower levels of message traffic will pay lower fees.
Similarly, Participants with larger market share will pay higher fees,
and those with lower levels of market share will pay lower fees. With
the elimination of tiers, fees for Industry Members and Participants
are directly related to their message traffic and market share,
respectively. With tiers, the relationship between message traffic or
market share and the CAT fee would not have been as direct.
---------------------------------------------------------------------------

    \96\ Sections 6(b)(5) and 15A(b)(6) of the Exchange Act.
---------------------------------------------------------------------------

    In addition, where the method of fee calculation may potentially
affect certain groups of CAT Reporters adversely, the Operating
Committee has sought to limit such adverse effects. For example, the
Operating Committee has proposed market maker discounts to address the
high levels of message traffic generally exhibited by market makers. As
discussed above, the SEC has recognized repeatedly that such favorable
treatment for market makers in other contexts was not unfairly
discriminatory or a burden on competition in light of its positive
effects on market quality, nor was it considered to involve an
inequitable allocation of fees among members.
    The Operating Committee also has proposed the Maximum Equities
Participant Fee to address the potential for higher market share for
FINRA due to the trade reporting to FINRA. The Maximum Equities
Participant Fee serves as a method to institute a cap on fees to fairly
allocate costs to FINRA given that a market share approach may result
in FINRA having a significant allocation given the large volume of NMS
Stock activity that is subject to trade reporting to FINRA.
    Similarly, the Operating Committee also has proposed the Maximum
Industry Member CAT Fee to address the potential for significant fees
based on outsized message traffic for certain Industry Members. The
Maximum Industry Member CAT Fee serves as a method to institute a cap
on fees to fairly allocate costs to Industry Members. Such a fee would
prevent Industry Members from paying significantly larger CAT fees than
Participant complexes.
    The Operating Committee also proposes to calculate market share for
national securities associations without reference to trades reported
in OTC Equity Securities in light of the differences in the markets for
NMS Stocks and OTC Equity Securities. Because the proposed CAT fees for
Equities Participants are based on market share calculated by share
volume, FINRA would likely be subject to higher fees if OTC Equity
Securities were included in the calculation of market share.
j. No Burden on Competition
    The Operating Committee believes that the Proposed Funding Model
does ``not impose any burden on competition not necessary or
appropriate in furtherance of the purposes of this chapter,'' \97\ as
required by the Exchange Act. Moreover, the Operating Committee
believes that the proposed fee schedule fairly and equitably allocates
costs among CAT Reporters. In particular, as described above, the cost
allocation between Participants and Industry Members recognizes the
greater number of Industry Members as compared to the Participants and
the greater collective revenue of Industry Members as compared to
Participants. In addition, cost allocations among Industry Members
based on message traffic and cost allocations among Participants based
on market share fairly and equitably distributes CAT costs.
Furthermore, the market maker discounts, Maximum Industry Member CAT
Fee and Maximum Equities Participant Fee address the potential for
burdens on market makers, Industry Members with outsized message
traffic and FINRA potentially resulting from the proposed fee
calculations. Moreover, the Operating Committee does not believe that
the Minimum Industry Member CAT Fee or the Minimum Participant Fee
would act as barriers to entry for smaller CAT Reporters.
---------------------------------------------------------------------------

    \97\ Sections 6(b)(8) and 15A(b)(9) of the Exchange Act.
---------------------------------------------------------------------------

9. Alternative Models Considered
    The Operating Committee has determined to propose the Proposed
Funding Model to fund the CAT for the reasons discussed above. In
reaching this conclusion, the Operating Committee considered the
advantages and disadvantages of a variety of possible alternative
funding and cost allocations models for the CAT in detail. After
analyzing the various alternatives, the Operating Committee determined
that the Proposed Funding Model provides a variety of advantages in
comparison to the alternatives. In addition, although various funding
models may be appropriate, the Proposed Funding Model provides for an
equitable allocation of reasonable fees among CAT Reporters.
    The Operating Committee previously filed a fee proposal in line
with the CAT NMS Plan--the Prior Fee Proposal. Under that model, the
Operating Committee, among other things, proposed a 75%-25% allocation
between Execution Venues (which included Participants and Execution
Venue ATSs) and Industry Members

(other than Execution Venue ATSs), and required Execution Venues to pay
fees based on market share, and Industry Members (other than Execution
Venue ATSs) to pay fees based on message traffic. This Prior Fee
Proposal was a very complex model with many interrelated parts,
including allocation percentages, discounts for certain market
behavior, and multiple tiered fees, and the complexity raised concerns
from the Commission regarding its use as the CAT funding model. In
addition, in response to the proposal, the industry raised a number of
other issues related to the proposal, including issues regarding the
proposed allocation of CAT costs between Participants and Industry
Members, and the ability of certain market segments to afford the
proposed CAT fee.\98\ Accordingly, the Operating Committee determined
to revise various aspects of the Prior Fee Proposal, thereby developing
the Proposed Funding Model.
---------------------------------------------------------------------------

    \98\ For a discussion of comments made regarding the Original
Funding Model and the Prior Fee Proposal, see generally Prior Fee
Proposal Release.
---------------------------------------------------------------------------

    In developing the Prior Fee Proposal, the Operating Committee
considered many variations of different aspects of that model. For
example, the Operating Committee evaluated different cost allocations
between Industry Members (other than Execution Venue ATSs) and
Execution Venues, including 80%-20%, 75%-25%, 70%-30% and 65%-35%
allocations, and different cost allocations between Equity and Options
Execution Venues.\99\ The Operating Committee also considered different
discounts for equities and options market makers, different numbers of
tiers of Industry Members and Execution Venues, different fee levels
for each tier, and other aspects of the model.
---------------------------------------------------------------------------

    \99\ See Prior Fee Proposal Release at 1408.
---------------------------------------------------------------------------

    Furthermore, the Operating Committee considered a model in which
all CAT Reporters, including both Industry Members and Participants,
would pay based solely on revenue. The concept underlying this proposal
is that CAT costs would be borne by CAT Reporters based on the ability
to pay. Industry Member revenue would be calculated based on revenue
reported in FOCUS reports, and Participant revenue would have been
calculated based on revenue information in Form 1 amendments and other
publicly reported figures. The Operating Committee did not select this
model for various reasons. As discussed above, under this approach,
Participants as a group would only pay approximately 4% of the total
CAT costs. Given their role as self-regulatory organizations and their
use of the CAT, the Operating Committee did not believe that such a
small allocation of the CAT costs to the Participants was appropriate.
Using revenue also raised a variety of practical issues. For example,
questions were raised as to what revenue was appropriate to include in
the calculation of revenue for Industry Members. The gross revenue set
forth on FOCUS reports was proposed, as it was similar to an existing
FINRA regulatory fee.\100\ However, questions were raised as to whether
revenue unrelated to NMS Securities or OTC Equity Securities, or
otherwise unrelated to the CAT, should be included for calculation of
the CAT fee. Eliminating revenue unrelated to CAT-related activity
would have been difficult or impossible. In addition, the lack of a
uniform approach to calculating revenue for the Participants could
raise inequities in the imposition of a CAT fee.
---------------------------------------------------------------------------

    \100\ See paragraph (c) and (d) of Section 1 of Schedule A of
FINRA's Bylaws regarding FINRA's annual Gross Income Assessment.
---------------------------------------------------------------------------

    To address the issues regarding the 96%-4% allocation and the
calculation of the Participant revenue in the straight revenue model
described above, the Operating Committee considered an alternative
version of the revenue model in which the CAT costs would be allocated
between Industry Members and Participants based on a set percentage
(e.g., 75%-25%) and the Industry Member allocation would be allocated
among Industry Members based on revenue and the Participant allocation
would be allocated among Participants based on market share. However,
this alternative revenue model failed to address the issues regarding
the appropriate revenue calculations for Industry Members.
    The Operating Committee considered a funding model in which CAT
costs were allocated across all CAT Reporters--both Industry Members
and Participants--based on message traffic. Specifically, the Operating
Committee considered eliminating the concepts of the Participant
Allocation and the Industry Member Allocation entirely, and treating
Participants and Industry Members the same under the model. The
Operating Committee, however, determined that the bifurcated approach
set forth in the CAT NMS Plan continued to be a fair and reasonable
approach.
    The Operating Committee also considered other possible funding
models. For example, the Participants considered allocating the CAT
costs equally among each of the Participants, and then permitting each
Participant to charge its own members as it deems appropriate. The
Operating Committee determined that such an approach raised a variety
of issues, including the likely inconsistency of the ensuing charges,
potential for lack of transparency, and the impracticality of multiple
SROs submitting invoices for CAT charges. The Operating Committee also
discussed the advantages and disadvantages of various alternative
models during development of the CAT NMS Plan, such as a cost
allocation based on a strict pro-rata distribution, regardless of the
type or size of the CAT Reporters, or a cost allocation based on
trades.\101\ The Operating Committee believes that the Proposed Funding
Model provides advantages over each of these previously considered
models and provides an equitable allocation of reasonable fees among
CAT Reporters.
---------------------------------------------------------------------------

    \101\ For a discussion of alternatives considered in the
drafting of the CAT NMS Plan, see Appendix C of the CAT NMS Plan at
C-88--C-89.
---------------------------------------------------------------------------

B. Governing or Constituent Documents

    Not applicable.

C. Implementation of Amendment

    The Participants are filing this proposed amendment pursuant to
Rule 608(b)(1) of Regulation NMS under the Exchange Act.\102\
---------------------------------------------------------------------------

    \102\ 17 CFR 242.608(b)(1).
---------------------------------------------------------------------------

D. Development and Implementation Phases

    The Participants expect to implement the proposed Participant CAT
fees upon approval by the SEC.

E. Analysis of Impact on Competition

    The Operating Committee does not believe that the proposed
amendment will result in any burden on competition that is not
necessary or appropriate in furtherance of the purposes of the Exchange
Act. The Operating Committee notes that the proposed amendment
implements provisions of the CAT NMS Plan approved by the Commission,
subject to proposed revisions to the CAT NMS Plan described above, and
is designed to assist the Participants in meeting their regulatory
obligations pursuant to the Plan. Because all Participants are subject
to the Proposed Funding Model set forth in the proposed amendment, this
is not a competitive filing that raises competition issues between and
among the Participants. Furthermore, for the reasons discussed above,
including in Section A.8 above, the Operating Committee does not
believe that the Proposed Funding Model will result in any burden on
competition that

is not necessary or appropriate in furtherance of the purpose of the
Exchange Act.

F. Written Understanding or Agreements Relating to Interpretation of,
or Participation in, Plan

    Not applicable.

G. Approval by Plan Sponsors in Accordance With Plan

    Section 12.3 of the CAT NMS Plan states that, subject to certain
exceptions, the CAT NMS Plan may be amended from time to time only by a
written amendment, authorized by the affirmative vote of not less than
two-thirds of all of the Participants, that has been approved by the
SEC pursuant to Rule 608 of Regulation NMS under the Exchange Act or
has otherwise become effective under Rule 608 of Regulation NMS under
the Exchange Act. In addition, Section 4.3(a)(vi) of the Plan requires
the Operating Committee, by Majority Vote, to authorize action to
determine the appropriate funding-related policies, procedures and
practices-consistent with Article XI. The Operating Committee has
satisfied both of these requirements. In addition, the Proposed Funding
Model was discussed and voted on during a general session of the
Operating Committee.

H. Description of Operation of Facility Contemplated by the Proposed
Amendment

    Not applicable.

I. Terms and Conditions of Access

    Not applicable.

I. Method of Determination and Imposition, and Amount of, Fees and
Charges

    Section A of this letter describes in detail how the Participants
developed the Proposed Funding Model for the CAT.

J. Method and Frequency of Processor Evaluation

    Not applicable.

K. Dispute Resolution

    Section 11.5 of the CAT NMS Plan addresses the resolution of
disputes regarding CAT fees charged to Participants and Industry
Members. Specifically, Section 11.5 of the CAT NMS Plan states that
disputes with respect to fees the Company charges Participants pursuant
to Article XI of the CAT NMS Plan shall be determined by the Operating
Committee or a Subcommittee designated by the Operating Committee.
Decisions by the Operating Committee or such designated Subcommittee on
such matters shall be binding on Participants, without prejudice to the
rights of any Participant to seek redress from the SEC pursuant to Rule
608 of Regulation NMS under the Exchange Act or in any other
appropriate forum. In addition, the Participants adopted rules to
establish the procedures for resolving potential disputes related to
CAT fees charged to Industry Members.\103\
---------------------------------------------------------------------------

    \103\ See Securities Exchange Act Rel. No. 81500 (Aug. 30,
2017), 82 FR 42143 (Sept. 6, 2017).
---------------------------------------------------------------------------

III. Solicitation of Comments

    Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the amendment is
consistent with the Exchange Act. Comments may be submitted by any of
the following methods:

Electronic Comments

     Use the Commission's internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an email to<EMAIL_ADDRESS>Please include
File Number 4-698 on the subject line.

Paper Comments

     Send paper comments to Secretary, Securities and Exchange
Commission, 100 F Street NE, Washington, DC 20549-1090.

All submissions should refer to File Number 4-698. This file number
should be included on the subject line if email is used. To help the
Commission process and review your comments more efficiently, please
use only one method. The Commission will post all comments on the
Commission's internet website (http://www.sec.gov/rules/sro.shtml).
Copies of the submission, all subsequent amendments, all written
statements with respect to the proposed plan amendment that are filed
with the Commission, and all written communications relating to the
amendment between the Commission and any person, other than those that
may be withheld from the public in accordance with the provisions of 5
U.S.C. 552, will be available for website viewing and printing in the
Commission's Public Reference Room, 100 F Street NE, Washington, DC
20549, on official business days between the hours of 10:00 a.m. and
3:00 p.m. Copies of such filing also will be available for inspection
and copying at the Participants' offices. All comments received will be
posted without change. Persons submitting comments are cautioned that
we do not redact or edit personal identifying information from comment
submissions. You should submit only information that you wish to make
available publicly. All submissions should refer to File Number 4-698
and should be submitted on or before May 12, 2021.

    For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\104\
---------------------------------------------------------------------------

    \104\ 17 CFR 200.30-3(a)(85).
---------------------------------------------------------------------------

J. Matthew DeLesDernier,
Assistant Secretary.

Exhibit A

    Additions italicized; deletions [bracketed]
* * * * *

Article I

Definitions

* * * * *
    [``Execution Venue'' means a Participant or an alternative trading
system (``ATS'') (as defined in Rule 300 of Regulation ATS) that
operates pursuant to Rule 301 of Regulation ATS (excluding any such ATS
that does not execute orders).]
* * * * *

Article XI

Funding of the Company

    Section 11.1. Funding Authority.
    (a) On an annual basis the Operating Committee shall approve an
operating budget for the Company. The budget shall include the
projected costs of the Company, including the costs of developing and
operating the CAT for the upcoming year, and the sources of all
revenues to cover such costs, as well as the funding of any reserve
that the Operating Committee reasonably deems appropriate for prudent
operation of the Company.
    (b) Subject to Section 11.2, the Operating Committee shall have
discretion to establish funding for the Company, including: (i)
Establishing fees that the Participants shall pay; and (ii)
establishing fees for Industry Members that shall be implemented by
Participants. The Participants shall file with the SEC under Section
19(b) of the Exchange Act any such fees on Industry Members that the
Operating Committee approves, and such fees shall be labeled as
``Consolidated Audit Trail Funding Fees.''
    (c) To fund the development and implementation of the CAT, the
Company shall time the imposition and collection of all fees on
Participants and Industry Members in a manner reasonably related to the
timing when the Company expects to incur such development and
implementation costs.

In determining fees on Participants and Industry Members the Operating
Committee shall take into account fees, costs and expenses (including
legal and consulting fees and expenses) incurred by the Participants on
behalf of the Company prior to the Effective Date in connection with
the creation and implementation of the CAT, and such fees, costs and
expenses shall be fairly and reasonably shared among the Participants
and Industry Members. Any surplus of the Company's revenues over its
expenses shall be treated as an operational reserve to offset future
fees.
    (d) Consistent with this Article XI, the Operating Committee shall
adopt policies, procedures, and practices regarding the budget and
budgeting process, [assignment of tiers,] resolution of disputes,
billing and collection of fees, and other related matters. [For the
avoidance of doubt, as part of its regular review of fees for the CAT,
the Operating Committee shall have the right to change the tier
assigned to any particular Person in accordance with fee schedules
previously filed with the Commission that are reasonable, equitable and
not unfairly discriminatory and subject to public notice and comment,
pursuant to this Article XI. Any such changes will be effective upon
reasonable notice to such Person.]
    Section 11.2. Funding Principles. In establishing the funding of
the Company, the Operating Committee shall seek:
    (a) To create transparent, predictable revenue streams for the
Company that are aligned with the anticipated costs to build, operate
and administer the CAT and the other costs of the Company;
    (b) to establish an allocation of the Company's related costs among
Participants and Industry Members that is consistent with the Exchange
Act, taking into account the timeline for implementation of the CAT and
distinctions in the securities trading operations of Participants and
Industry Members and their relative impact upon Company resources and
operations;
    (c) to establish a [tiered] fee structure in which the fees charged
to: (i) Participants [CAT Reporters that are Execution Venues,
including ATSs,] are based upon the level of market share; and (ii)
Industry Members[' non-ATS activities] are based upon message traffic[;
and (iii) the CAT Reporters with the most CAT-related activity
(measured by market share and/or message traffic, as applicable) are
generally comparable (where, for these comparability purposes, the
tiered fee structure takes into consideration affiliations between or
among CAT Reporters, whether Execution Venues and/or Industry
Members)].
    (d) to provide for ease of billing and other administrative
functions;
    (e) to avoid any disincentives such as placing an inappropriate
burden on competition and a reduction in market quality; and
    (f) to build financial stability to support the Company as a going
concern.
    Section 11.3. Recovery.
    (a) The Operating Committee will establish a minimum fee to be
payable by each Participant in addition to [fixed] fees based on market
share to be payable by Participants [Execution Venues] as provided in
this Section 11.3(a):
    (i) Each Participant [Execution Venue] that: (A) Executes
transactions; or (B) in the case of a national securities association,
has trades reported by its members to its trade reporting facility or
facilities for reporting transactions effected otherwise than on an
exchange, in NMS Stocks [or OTC Equity Securities] will pay a [fixed]
fee depending on the market share of that Participant [Execution Venue]
in NMS Stocks (``Equities Participant'') [and OTC Equity Securities,
with the Operating Committee establishing at least two and no more than
five tiers of fixed fees, based on an Execution Venue's NMS Stocks and
OTC Equity Securities market share]. For these purposes, market share
for Participants [Execution Venues] that execute transactions will be
calculated by share volume, and market share for a national securities
association that has trades reported by its members to its trade
reporting facility or facilities for reporting transactions effected
otherwise than on an exchange in NMS Stocks [or OTC Equity Securities]
will be calculated based on share volume of trades reported, provided,
however, that any Participant that is a national securities association
shall pay a maximum fee established by the Operating Committee instead
of the higher fee calculated based on such Participant's market share.
If a Participant's fee is limited to such maximum fee, any excess
amount which the Participant otherwise would have paid as a fee above
such maximum fee will be re4allocated among all Equities Participants,
including any Equities Participant that is subject to the maximum fee,
in accordance with their market share [the share volume reported to
such national securities association by an Execution Venue shall not be
included in the calculation of such national security association's
market share].
    (ii) Each Participant [Execution Venue] that executes transactions
in Listed Options (``Options Participant'') will pay a [fixed] fee
depending on the Listed Options market share of that Participant[,
Execution Venue, with the Operating Committee establishing at least two
and no more than five tiers of fixed fees, based on an Execution
Venue's Listed Options market share]. For these purposes, market share
will be calculated by contract volume.
    (b) The Operating Committee will establish [fixed] fees to be
payable by Industry Members, based on the message traffic generated by
such Industry Member subject to a base minimum fee and discounts for
market maker message traffic [, with the Operating Committee
establishing at least five and no more than nine tiers of fixed fees,
based on message traffic. For the avoidance of doubt, the fixed fees
payable by Industry Members pursuant to this paragraph shall, in
addition to any other applicable message traffic, include message
traffic generated by: (i) An ATS that does not execute orders that is
sponsored by such Industry Member; and (ii) routing orders to and from
any ATS sponsored by such Industry Member.], provided, however, that
any Industry Member shall pay a maximum fee established by the
Operating Committee instead of the higher fee calculated based on such
Industry Member's message traffic. If an Industry Member's fee is
limited to such maximum fee, any excess amount which the Industry
Member otherwise would have paid as a fee above such maximum fee will
be re-allocated among all Industry Members, including any Industry
Member that is subject to the maximum fee or subject to the base
minimum fee, in accordance with their message traffic.
    (c) The Operating Committee may establish any other fees ancillary
to the operation of the CAT that it reasonably determines appropriate,
including fees: (i) For the late or inaccurate reporting of information
to the CAT; (ii) for correcting submitted information; and (iii) based
on access and use of the CAT for regulatory and oversight purposes (and
not including any reporting obligations).
    (d) The Company shall make publicly available a schedule of
effective fees and charges adopted pursuant to this Agreement as in
effect from time to time. The Operating Committee shall review such fee
schedule on at least an annual basis and shall make any changes to such
fee schedule that it deems appropriate. The Operating Committee is
authorized to review such fee schedule on a more regular basis, but

shall not make any changes on more than a semiannual basis unless,
pursuant to a Supermajority Vote, the Operating Committee concludes
that such change is necessary for the adequate funding of the Company.
* * * * *

Appendix B

Fee Schedule

Consolidated Audit Trail Funding Fees

    (a) Each Participant shall pay to Consolidated Audit Trail, LLC in
the manner prescribed by the Consolidated Audit Trail, LLC a CAT fee
calculated as follows:
    (1) Commencing upon SEC approval of the CAT fee, each Participant
shall pay a quarterly CAT fee calculated based on market share from the
prior quarter by adding the sum of the following:
    (A) For all Participants, the Minimum Participant Fee;
    (B) For Equities Participants, the lesser of:
    (i) The product of multiplying the Equities Participant's
percentage of total market share of NMS Stocks for all Equities
Participants against the Equities Participant Allocation; or
    (ii) the Maximum Equities Participant Fee, if applicable; and
    If any Participant's fee is limited to the Maximum Equities
Participant Fee, any excess amount which such Participant otherwise
would have paid as a fee above such Maximum Equities Participant Fee
will be re-allocated among all Equities Participants (including any
Equities Participant subject to the Maximum Equities Participant Fee)
in accordance with their market share.
    (C) For Options Participants, the product of multiplying the
Participant's percentage of total market share of Listed Options
contracts for all Options Participants against the Options Participant
Allocation;
    For the avoidance of doubt, Participants with both options and
equities market share shall be considered both Equities Participants
and Options Participants.
    (b) The CAT fees set forth in paragraph (a) will be calculated
based on the following:
    (1) Industry Member/Participant Allocation. The Industry Member
Allocation for each quarter shall be 75% of 1/4th of the Total CAT
Costs for the relevant year. The Participant Allocation for each
quarter shall be 25% of 1/4th of the Total CAT Costs for the relevant
year.
    (2) Minimum Participant Fee. The Minimum Participant Fee is 0.75%
of the Participant Allocation. For avoidance of doubt, the Minimum
Participant Fee will be paid by each registered national securities
exchange that is a Participant and each registered national securities
association that is a Participant.
    (3) Adjusted Participant Allocation. The Adjusted Participant
Allocation is the Participant Allocation minus the sum of all Minimum
Participant Fees required to be paid by each Participant.
    (4) Equities Participant Allocation. The Equities Participant
Allocation is 60% of the Adjusted Participant Allocation.
    (5) Options Participant Allocations. The Options Participant
Allocation is 40% of the Adjusted Participant Allocation.
    (6) Maximum Equities Participant Fee. The Maximum Equities
Participant Fee is the greater of (x) 20% of the Equities Participant
Allocation or (y) the highest CAT fee required to be paid by any other
Equities Participant plus 5% of such highest CAT fee. The Maximum
Equities Participant Fee only applies to a Participant that is a
national securities association.
    (7) Total CAT Costs. The Total CAT Costs shall be the total
budgeted costs for the CAT for the relevant year. The total budgeted
costs for the CAT for the relevant year shall be the total CAT costs
set forth in the annual operating budget approved by the Operating
Committee pursuant to Section 11.1(a) of the CAT NMS Plan. The total
budgeted costs for the CAT for the relevant year may be adjusted on a
quarterly basis as the Operating Committee reasonably deems appropriate
for the prudent operation of the Company. To the extent that the
Operating Committee adjusts the total budgeted costs for the CAT for
the relevant year during its quarterly budget review, the adjusted
budgeted costs for the CAT will be used in calculating the remaining
CAT fees for that year.
* * * * *

Exhibit B

    The following sets forth an illustrative example of CAT fees
calculated under the Proposed Funding Model based on budgeted Total CAT
Costs for 2021 and message traffic and market share data for the fourth
quarter of 2020. Note Exhibit B only provides an illustrative example
of how the Proposed Funding Model would operate; the calculation of
actual fees will differ from this example in various ways. For example,
the Participants have paid or will have paid 100% of these costs up to
the time of the SEC approval of the Proposed Funding Model, and, as a
result, Participants would not be obligated to pay CAT fees related to
2021 CAT costs to the extent the Participants have already paid such
costs. Furthermore, Period 3 CAT Fees for Industry Members will be
calculated based on actual Total CAT Costs for 2021, not budgeted CAT
Costs for 2021, and based on CAT Data from 2022, not from 2020.

CAT Fee Example for Illustrative Purposes Only

Budgeted Total CAT Costs for 2021: $132,522,082
Budgeted Quarterly Total CAT Costs: $33,130,502.50

Quarterly Participant CAT Fees

Participant Allocation (25% of Total CAT Costs): $8,282,625.62
Minimum Participant Fee (0.75% of Participant Allocation): $62,119.73
Equities Participant Allocation (60% of Adjusted Participant Allocation
with Minimum Participant Fee): $4,845,413.60
Options Participant Allocation (40% of Adjusted Participant Allocation
with Minimum Participant Fee): $3,437,291.50
Maximum Equities Participant Fee (with Minimum Participant Fee):
$904,261.77
---------------------------------------------------------------------------

    \105\ These fees reflect the Minimum Participant Fee, the
Maximum Equities Participant Fee and the re-allocation related to
the Maximum Equities Participant Fee.

                          Equities Participants
------------------------------------------------------------------------
                                              % of total
            Equities participant                market    Quarterly  CAT
                                                share        fee \105\
------------------------------------------------------------------------
1..........................................       44.036   $1,316,397.13
2..........................................       15.857      819,716.78
3..........................................       10.311      574,962.49
4..........................................        8.465      452,089.70
5..........................................        7.276      392,929.38
6..........................................        4.823      270,943.47
7..........................................        2.404      181,695.58
8..........................................        1.572      140,305.36
9..........................................        1.439      133,707.03
10.........................................        1.105      117,096.53
11.........................................        0.732       67,479.86
12.........................................        0.658       63,773.04
13.........................................        0.562       90,079.89
14.........................................        0.464       54,132.27
15.........................................        0.244       74,252.16
16.........................................        0.052       33,652.74
17.........................................        0.000       62,125.23
------------------------------------------------------------------------

                          Options Participants
------------------------------------------------------------------------
                                              % of total
            Options participant                 market    Quarterly  CAT
                                                share        fee \106\
------------------------------------------------------------------------
1..........................................       15.832     $488,295.85
2..........................................       12.919      378,833.92
3..........................................        9.424      284,742.41
4..........................................        8.742      266,385.07
5..........................................        8.640      263,642.40
6..........................................        8.586      262,187.01
7..........................................        7.327      259,360.77

8..........................................        6.048      224,933.08
9..........................................        3.147      115,761.83
10.........................................        4.246      176,402.53
11.........................................        3.873      135,311.97
12.........................................        3.267      150,063.18
13.........................................        3.304      151,047.18
14.........................................        3.404      153,759.91
15.........................................        1.020       89,566.40
16.........................................        0.221       36,997.99
------------------------------------------------------------------------

Quarterly Industry Member CAT Fees
---------------------------------------------------------------------------

    \106\ These fees reflect the Minimum Participant Fee.
---------------------------------------------------------------------------

Industry Member Allocation (75% of Total CAT Costs): $24,847,876.90
Minimum Industry Member CAT Fee: $125 per quarter
Maximum Industry Member CAT Fee: 8% of message traffic

------------------------------------------------------------------------
                                              % of total
                                               message    Quarterly  CAT
              Industry member                  traffic       fee \108\
                                                \107\
------------------------------------------------------------------------
1..........................................    15.942715   $2,508,235.23
2..........................................      12.3469    2,390,859.99
3..........................................    8.5412389    2,266,635.37
4..........................................    8.4307566    2,263,028.99
5..........................................    8.1484697    2,253,814.54
6..........................................     6.881969    1,925,916.13
7..........................................         3.33      931,352.41
8..........................................         3.07      859,935.74
9..........................................         2.87      803,898.93
10.........................................       2.7555      771,124.66
11.........................................      2.66620      746,134.09
12.........................................     2.635884      737,650.94
13.........................................    2.4252220      678,697.33
14.........................................     2.131963      596,628.96
15.........................................       1.4843      415,367.88
16.........................................    1.3483314      377,329.97
17.........................................     1.335250      373,669.04
18.........................................         1.18      329,495.95
19.........................................    1.1051530      309,276.58
20.........................................   1.05683181      295,753.93
21.........................................    1.0187078      285,084.95
22.........................................    0.8705377      243,619.61
23.........................................   0.65176922      182,397.33
24.........................................     0.603158      168,793.42
25.........................................     0.596133      166,827.49
26.........................................     0.487318      136,375.85
27.........................................         0.44      123,953.82
28.........................................     0.308189       86,246.66
29.........................................    0.2935546       82,151.14
30.........................................    0.2874546       80,444.05
31.........................................     0.284763       79,690.93
32.........................................       0.2556       71,535.07
33.........................................     0.253008       70,804.09
34.........................................   0.24849056       69,539.98
35.........................................    0.1988107       55,637.08
36.........................................    0.1869246       52,310.76
37.........................................     0.163770       45,831.09
38.........................................    0.1572621       44,009.72
39.........................................       0.1417       39,645.51
40.........................................    0.1408842       39,426.37
41.........................................    0.1297568       36,312.38
42.........................................       0.1270       35,540.69
43.........................................     0.121951       34,127.81
44.........................................   0.11747991       32,876.70
45.........................................    0.1144613       32,031.93
46.........................................    0.1057779       29,601.89
47.........................................        0.105       29,271.83
48.........................................    0.1021931       28,598.71
49.........................................    0.0978121       27,372.66
50.........................................     0.096430       26,985.90
51.........................................    0.0928221       25,976.22
52.........................................    0.0859471       24,052.25
53.........................................     0.084735       23,713.00
54.........................................        0.081       22,774.83
55.........................................    0.0759906       21,265.93
56.........................................    0.0738346       20,662.59
57.........................................     0.066684       18,661.49
58.........................................     0.065941       18,453.43
59.........................................     0.063723       17,832.74
60.........................................      0.05392       15,090.39
61.........................................    0.0483078       13,518.91
62.........................................     0.043817       12,262.25
63.........................................    0.0384240       10,752.94
64.........................................       0.0370       10,361.23
65.........................................     0.031046        8,688.22
66.........................................     0.029490        8,252.77
67.........................................         0.03        8,112.33
68.........................................       0.0269        7,514.14
69.........................................      0.02450        6,855.05
70.........................................   0.02444676        6,841.42
71.........................................   0.02095646        5,864.66
72.........................................    0.0191560        5,360.79
73.........................................    0.0175190        4,902.68
74.........................................    0.0164131        4,593.20
75.........................................     0.015561        4,354.73
76.........................................       0.0148        4,140.50
77.........................................        0.014        3,978.17
78.........................................      0.01402        3,924.60
79.........................................    0.0136249        3,812.92
80.........................................   0.01284773        3,595.43
81.........................................       0.0127        3,544.27
82.........................................     0.011465        3,208.47
83.........................................    0.0112806        3,156.88
84.........................................    0.0108896        3,047.45
85.........................................     0.010741        3,005.74
86.........................................      0.01029        2,879.17
87.........................................     0.010275        2,875.50
88.........................................    0.0092574        2,590.67
89.........................................     0.008569        2,398.10
90.........................................    0.0085212        2,384.65
91.........................................         0.01        2,347.27
92.........................................         0.01        2,178.96
93.........................................      0.00758        2,120.87
94.........................................     0.007202        2,015.48
95.........................................     0.007065        1,977.19
96.........................................    0.0068586        1,919.37
97.........................................   0.00651944        1,824.46
98.........................................    0.0064808        1,813.64
99.........................................     0.006361        1,780.09
100........................................     0.005749        1,608.74
101........................................     0.005305        1,484.62
102........................................    0.0048870        1,367.64
103........................................         0.00        1,332.74
104........................................    0.0047449        1,327.84
105........................................      0.00469        1,311.81
106........................................     0.004674        1,308.08
107........................................    0.0046547        1,302.63
108........................................    0.0045685        1,278.49
109........................................    0.0044112        1,234.47
110........................................         0.00        1,194.19
111........................................     0.004164        1,165.41
112........................................        0.004        1,156.57
113........................................       0.0041        1,154.93
114........................................         0.00        1,150.64
115........................................     0.004090        1,144.70
116........................................    0.0040070        1,121.35
117........................................    0.0039591        1,107.96
118........................................     0.003438          962.16
119........................................    0.0033477          936.85
120........................................     0.003321          929.46
121........................................    0.0031118          870.83
122........................................      0.00310          867.51
123........................................     0.003082          862.46
124........................................      0.00302          845.50
125........................................    0.0029780          833.40
126........................................    0.0027976          782.91
127........................................     0.002709          758.12
128........................................      0.00269          752.67
129........................................    0.0025567          715.50
130........................................    0.0024297          679.96
131........................................       0.0024          671.83
132........................................      0.00210          586.75
133........................................     0.002030          568.06
134........................................     0.001970          551.19
135........................................    0.0018979          531.14
136........................................     0.001826          510.99
137........................................    0.0018040          504.85
138........................................    0.0017908          501.14
139........................................     0.001777          497.38
140........................................    0.0017672          494.54
141........................................    0.0015795          442.02
142........................................    0.0014790          413.90
143........................................         0.00          411.74
144........................................    0.0014253          398.86
145........................................    0.0014101          394.62
146........................................     0.001353          378.77
147........................................    0.0013274          371.48
148........................................    0.0013061          365.52
149........................................       0.0013          359.89
150........................................    0.0012558          351.44
151........................................    0.0012482          349.31
152........................................     0.001206          337.46
153........................................    0.0011434          319.97
154........................................    0.0011142          311.81
155........................................    0.0011093          310.45
156........................................     0.001090          305.14
157........................................      0.00108          301.72
158........................................        0.001          299.87
159........................................        0.001          294.94
160........................................        0.001          292.03
161........................................    0.0010354          289.75
162........................................    0.0010202          285.52
163........................................     0.000943          263.95
164........................................        0.001          257.53
165........................................     0.000860          240.72
166........................................    0.0008519          238.39
167........................................    0.0008308          232.51
168........................................    0.0008213          229.84
169........................................    0.0006737          188.53
170........................................      0.00067          187.07
171........................................    0.0006423          179.74
172........................................         0.00          178.92
173........................................      0.00063          176.72
174........................................    0.0006153          172.18
175........................................    0.0006146          171.99
176........................................     0.000544          152.35
177........................................    0.0005437          152.15
178........................................     0.000540          151.07
179........................................   0.00053041          148.44
180........................................    0.0005058          141.55
181........................................     0.000505          141.40
182........................................         0.00          140.96
183........................................         0.00          140.81
184........................................         0.00          139.48
185........................................        0.000          139.15
186........................................     0.000414          138.52
187........................................    0.0003662          136.95
188........................................      0.00036          136.85
189........................................    0.0003474          136.34
190........................................      0.00034          136.20
191........................................         0.00          135.29
192........................................     0.000312          135.19
193........................................         0.00          134.40
194........................................     0.000285          134.32
195........................................         0.00          134.11
196........................................    0.0002626          133.57
197........................................    0.0002624          133.56
198........................................    0.0002623          133.56
199........................................         0.00          133.51
200........................................    0.0002550          133.33
201........................................      0.00025          133.12
202........................................     0.000244          132.98
203........................................    0.0002442          132.97
204........................................        0.000          132.78
205........................................    0.0002311          132.54
206........................................    0.0002145          132.00
207........................................       0.0002          131.99
208........................................   0.00021241          131.93
209........................................      0.00020          131.57
210........................................       0.0002          131.55
211........................................     0.000193          131.30
212........................................      0.00019          131.07
213........................................    0.0001839          131.00
214........................................     0.000179          130.84
215........................................      0.00017          130.63
216........................................     0.000172          130.62

217........................................      0.00017          130.50
218........................................     0.000167          130.44
219........................................     0.000164          130.35
220........................................       0.0002          130.20
221........................................      0.00015          129.86
222........................................    0.0001459          129.76
223........................................      0.00015          129.74
224........................................         0.00          129.57
225........................................    0.0001399          129.57
226........................................    0.0001348          129.40
227........................................    0.0001338          129.37
228........................................         0.00          129.31
229........................................         0.00          129.25
230........................................        0.000          129.23
231........................................    0.0001229          129.01
232........................................       0.0001          128.97
233........................................       0.0001          128.95
234........................................    0.0001194          128.90
235........................................    0.0001174          128.83
236........................................    0.0001166          128.81
237........................................         0.00          128.81
238........................................    0.0001156          128.77
239........................................       0.0001          128.65
240........................................         0.00          128.60
241........................................    0.0000969          128.16
242........................................    0.0000959          128.13
243........................................    0.0000949          128.10
244........................................    0.0000938          128.06
245........................................      0.00009          128.04
246........................................     0.000091          127.97
247........................................    0.0000904          127.95
248........................................     0.000090          127.93
249........................................       0.0001          127.92
250........................................      0.00009          127.90
251........................................   0.00008765          127.86
252........................................     0.000087          127.86
253........................................     0.000083          127.70
254........................................      0.00008          127.52
255........................................    0.0000768          127.51
256........................................         0.00          127.39
257........................................       0.0001          127.33
258........................................         0.00          127.28
259........................................       0.0001          127.24
260........................................    0.0000685          127.24
261........................................   0.00006850          127.24
262........................................       0.0001          127.20
263........................................       0.0001          127.20
264........................................     0.000067          127.18
265........................................     0.000066          127.16
266........................................     0.000063          127.05
267........................................     0.000062          127.02
268........................................     0.000061          126.98
269........................................       0.0001          126.96
270........................................     0.000060          126.96
271........................................     0.000060          126.95
272........................................        0.000          126.92
273........................................     0.000057          126.86
274........................................     0.000057          126.85
275........................................       0.0001          126.83
276........................................    0.0000560          126.83
277........................................    0.0000539          126.76
278........................................    0.0000525          126.71
279........................................     0.000051          126.66
280........................................       0.0001          126.64
281........................................     0.000048          126.56
282........................................         0.00          126.54
283........................................         0.00          126.53
284........................................       0.0000          126.51
285........................................     0.000044          126.45
286........................................    0.0000438          126.43
287........................................     0.000044          126.43
288........................................    0.0000437          126.43
289........................................         0.00          126.43
290........................................     0.000042          126.38
291........................................      0.00004          126.36
292........................................         0.00          126.35
293........................................     0.000041          126.33
294........................................    0.0000403          126.32
295........................................       0.0000          126.31
296........................................     0.000040          126.31
297........................................      0.00004          126.28
298........................................     0.000037          126.22
299........................................         0.00          126.22
300........................................     0.000037          126.21
301........................................    0.0000363          126.18
302........................................     0.000035          126.13
303........................................         0.00          126.10
304........................................    0.0000331          126.08
305........................................   0.00003294          126.08
306........................................         0.00          126.07
307........................................     0.000033          126.07
308........................................      0.00003          126.01
309........................................      0.00003          126.01
310........................................    0.0000306          126.00
311........................................      0.00003          125.99
312........................................    0.0000302          125.99
313........................................     0.000030          125.98
314........................................      0.00003          125.98
315........................................         0.00          125.94
316........................................    0.0000276          125.90
317........................................         0.00          125.90
318........................................       0.0000          125.90
319........................................    0.0000270          125.88
320........................................        0.000          125.88
321........................................        0.000          125.83
322........................................       0.0000          125.82
323........................................     0.000025          125.82
324........................................    0.0000250          125.81
325........................................    0.0000245          125.80
326........................................     0.000024          125.80
327........................................     0.000024          125.79
328........................................   0.00002295          125.75
329........................................      0.00002          125.72
330........................................      0.00002          125.71
331........................................    0.0000212          125.69
332........................................         0.00          125.66
333........................................   0.00001998          125.65
334........................................   0.00001941          125.63
335........................................         0.00          125.63
336........................................    0.0000194          125.63
337........................................         0.00          125.63
338........................................         0.00          125.63
339........................................    0.0000189          125.62
340........................................         0.00          125.60
341........................................         0.00          125.60
342........................................         0.00          125.60
343........................................      0.00002          125.58
344........................................    0.0000176          125.57
345........................................    0.0000174          125.57
346........................................    0.0000172          125.56
347........................................    0.0000164          125.54
348........................................     0.000016          125.53
349........................................      0.00002          125.52
350........................................         0.00          125.51
351........................................     0.000015          125.49
352........................................        0.000          125.49
353........................................      0.00001          125.49
354........................................      0.00001          125.49
355........................................      0.00001          125.48
356........................................     0.000015          125.47
357........................................         0.00          125.47
358........................................      0.00001          125.47
359........................................         0.00          125.45
360........................................    0.0000137          125.45
361........................................         0.00          125.45
362........................................     0.000014          125.44
363........................................     0.000014          125.44
364........................................     0.000014          125.44
365........................................      0.00001          125.44
366........................................     0.000013          125.44
367........................................      0.00001          125.43
368........................................        0.000          125.43
369........................................    0.0000127          125.41
370........................................       0.0000          125.39
371........................................    0.0000119          125.39
372........................................     0.000011          125.37
373........................................    0.0000113          125.37
374........................................     0.000011          125.37
375........................................     0.000011          125.36
376........................................    0.0000107          125.35
377........................................         0.00          125.34
378........................................    0.0000103          125.34
379........................................     0.000010          125.33
380........................................      0.00001          125.33
381........................................      0.00001          125.33
382........................................       0.0000          125.32
383........................................     0.000010          125.32
384........................................     0.000010          125.32
385........................................       0.0000          125.31
386........................................         0.00          125.31
387........................................     0.000009          125.31
388........................................     0.000009          125.30
389........................................      0.00001          125.29
390........................................      0.00001          125.29
391........................................        0.000          125.28
392........................................    0.0000087          125.28
393........................................         0.00          125.28
394........................................    0.0000086          125.28
395........................................         0.00          125.28
396........................................      0.00001          125.28
397........................................      0.00001          125.28
398........................................     0.000008          125.28
399........................................       0.0000          125.27
400........................................    0.0000084          125.27
401........................................    0.0000083          125.27
402........................................       0.0000          125.27
403........................................      0.00001          125.26
404........................................        0.000          125.26
405........................................    0.0000079          125.26
406........................................     0.000008          125.25
407........................................       0.0000          125.25
408........................................     0.000008          125.25
409........................................      0.00001          125.25
410........................................     0.000007          125.24
411........................................      0.00001          125.24
412........................................     0.000007          125.24
413........................................      0.00001          125.24
414........................................    0.0000073          125.24
415........................................        0.000          125.24
416........................................        0.000          125.23
417........................................    0.0000069          125.23
418........................................      0.00001          125.22
419........................................    0.0000068          125.22
420........................................     0.000007          125.22
421........................................    0.0000068          125.22
422........................................         0.00          125.22
423........................................     0.000007          125.22
424........................................     0.000007          125.22
425........................................      0.00001          125.22
426........................................      0.00001          125.22
427........................................     0.000007          125.22
428........................................        0.000          125.22
429........................................     0.000006          125.21
430........................................       0.0000          125.21
431........................................      0.00001          125.21
432........................................     0.000006          125.21
433........................................      0.00001          125.20
434........................................    0.0000061          125.20
435........................................       0.0000          125.20
436........................................      0.00001          125.20
437........................................    0.0000060          125.20
438........................................         0.00          125.20
439........................................    0.0000060          125.20
440........................................    0.0000060          125.19
441........................................      0.00001          125.19
442........................................       0.0000          125.19
443........................................     0.000006          125.19
444........................................     0.000006          125.19
445........................................    0.0000057          125.19
446........................................    0.0000057          125.19
447........................................      0.00001          125.19
448........................................      0.00001          125.18
449........................................        0.000          125.18
450........................................     0.000006          125.18
451........................................       0.0000          125.18
452........................................     0.000006          125.18
453........................................         0.00          125.18
454........................................         0.00          125.18
455........................................    0.0000053          125.17
456........................................       0.0000          125.17
457........................................     0.000005          125.17
458........................................         0.00          125.17
459........................................     0.000005          125.17
460........................................         0.00          125.17
461........................................     0.000005          125.16
462........................................     0.000005          125.16

463........................................    0.0000048          125.16
464........................................      0.00000          125.16
465........................................      0.00000          125.16
466........................................      0.00000          125.15
467........................................     0.000005          125.15
468........................................    0.0000047          125.15
469........................................    0.0000046          125.15
470........................................     0.000005          125.15
471........................................     0.000004          125.15
472........................................    0.0000044          125.15
473........................................      0.00000          125.14
474........................................    0.0000044          125.14
475........................................      0.00000          125.14
476........................................    0.0000043          125.14
477........................................      0.00000          125.14
478........................................     0.000004          125.14
479........................................     0.000004          125.14
480........................................     0.000004          125.14
481........................................         0.00          125.14
482........................................     0.000004          125.14
483........................................    0.0000041          125.14
484........................................    0.0000041          125.13
485........................................         0.00          125.13
486........................................     0.000004          125.13
487........................................      0.00000          125.13
488........................................    0.0000039          125.13
489........................................     0.000004          125.12
490........................................    0.0000038          125.12
491........................................    0.0000038          125.12
492........................................     0.000004          125.12
493........................................     0.000004          125.12
494........................................     0.000004          125.12
495........................................      0.00000          125.11
496........................................     0.000003          125.11
497........................................     0.000003          125.11
498........................................     0.000003          125.11
499........................................      0.00000          125.11
500........................................     0.000003          125.11
501........................................    0.0000033          125.11
502........................................    0.0000032          125.11
503........................................       0.0000          125.10
504........................................        0.000          125.10
505........................................     0.000003          125.10
506........................................     0.000003          125.10
507........................................     0.000003          125.10
508........................................      0.00000          125.10
509........................................      0.00000          125.10
510........................................     0.000003          125.10
511........................................    0.0000031          125.10
512........................................    0.0000031          125.10
513........................................      0.00000          125.10
514........................................     0.000003          125.10
515........................................     0.000003          125.10
516........................................     0.000003          125.10
517........................................      0.00000          125.10
518........................................      0.00000          125.10
519........................................     0.000003          125.10
520........................................      0.00000          125.10
521........................................     0.000003          125.10
522........................................     0.000003          125.09
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