Notice of Material Rule Submission – Proposed Significant Changes to Discontinue the Fee Rebate Model and Reduce Certain Core Clearing and Settlement Fees; and Proposed Amendments to Eliminate Network Connectivity Fees and to Eliminate Report File Transmission Fee – CDS Clearing and Depository Services Inc. (CDS)

CDS has submitted to the Commission proposed amendments consisting of two principal elements: (1) discontinuing two Participant rebates established in CDS’s regulatory oversight framework; and, (2) the reduction of certain core Participant clearing and settlement fees by 35 percent. CDS also proposes to eliminate select non-core fees.

In 2019 and, subsequently, in 2021 CDS published proposals to remove the Participant rebates. CDS now presents a revised, new proposal.

The proposed significant changes and amendments have been posted for public comment on CDS’s website. The comment period ends on November 3, 2025.