Cboe BYX Exchange, Inc. 

Cboe BYX Exchange, Inc. proposes to amend its fee schedule to establish a CAT Fee 2025-1 rate of $0.000022 per executed equivalent share for industry members related to reasonably budgeted Consolidated Audit Trail (CAT) costs of the National Market System Plan for 2025. This change aims to fund the continued development and maintenance of the CAT system, which is essential for securities trade surveillance and analysis. This proposed rule change may have a significant impact on industry members, particularly those with high trading volumes, as they will need to adjust their budgets accordingly. Compliance considerations include reviewing current fee structures and ensuring accurate tracking of executed equivalent shares to calculate and pay the new CAT Fee 2025-1 rate.