Notice2025-18367
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Remove Fees Related to the Cboe Legacy Silexx Platform and To Remove a Previous Waiver for FLEX and Cboe Silexx FIX Connections, as Well as Remove a Previous Waiver for Market Data Fees Incurred by New Users of the Cboe Legacy Silexx Platform During the Migration to the New Cboe Silexx Platform
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
September 23, 2025
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 90 Issue 182 (Tuesday, September 23, 2025)</title>
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[Federal Register Volume 90, Number 182 (Tuesday, September 23, 2025)]
[Notices]
[Pages 45835-45837]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-18367]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-104004; File No. SR-CBOE-2025-066]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Remove
Fees Related to the Cboe Legacy Silexx Platform and To Remove a
Previous Waiver for FLEX and Cboe Silexx FIX Connections, as Well as
Remove a Previous Waiver for Market Data Fees Incurred by New Users of
the Cboe Legacy Silexx Platform During the Migration to the New Cboe
Silexx Platform
September 18, 2025.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on September 10, 2025, Cboe Exchange, Inc. (the ``Exchange'' or
``Cboe Options'') filed with the Securities and Exchange Commission
(the ``Commission'') the proposed rule change as described in Items I,
II, and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
Cboe Exchange, Inc. (the ``Exchange'' or ``Cboe Options'') proposes
to remove fees related to the Cboe Legacy Silexx platform and to remove
a previous waiver for FLEX and Cboe Silexx FIX Connections, as well as
remove a previous waiver for market data fees incurred by new users of
the Cboe Legacy Silexx platform during the migration to the new Cboe
Silexx platform. The text of the proposed rule change is provided in
Exhibit 5.
The text of the proposed rule change is also available on the
Commission's website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>), the
Exchange's website (<a href="https://www.cboe.com/us/options/regulation/rule_filings/bzx/">https://www.cboe.com/us/options/regulation/rule_filings/bzx/</a>), and at the principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for
[[Page 45836]]
the proposed rule change and discussed any comments it received on the
proposed rule change. The text of these statements may be examined at
the places specified in Item IV below. The Exchange has prepared
summaries, set forth in sections A, B, and C below, of the most
significant aspects of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to remove fees related to the Cboe Legacy
Silexx platform from its Fees Schedule and to remove a previous waiver
for FLEX and Cboe Silexx FIX Connections, as well as remove a previous
waiver for market data fees incurred by new users of the Cboe Legacy
Silexx platform during the migration to the new Cboe Silexx
platform.\3\
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\3\ The Exchange initially submitted the proposed rule change on
September 2, 2025 (SR-Cboe-2025-064). On September 10, 2024, the
Exchange withdrew that filing and submitted this filing.
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By way of background, the Exchange offers several versions of its
Silexx platform. Originally, the Exchange offered the following
versions of the Silexx platform: Basic, Pro, Pro Plus Risk and Buy-Side
Manager (``Legacy Platforms''). The Legacy Platforms are designed so
that a User may enter orders into the platform to send to the executing
broker, including Trading Permit Holders (``TPHs''), of its choice with
connectivity to the platform. The executing broker can then send orders
to Cboe Options (if the broker-dealer is a TPH) or other U.S. exchanges
(and trading centers) in accordance with the User's instructions. Users
cannot directly route orders through any of the Legacy Platforms to an
exchange or trading center nor is the platform integrated into or
directly connected to Cboe Option's System. In 2019, the Exchange made
available a new version of the Silexx platform, Silexx FLEX, which
supports the trading of FLEX Options and allows authorized Users with
direct access to the Exchange to establish connectivity and submit
orders directly to the Exchange.\4\ In 2020, the Exchange made an
additional version of the Silexx platform available, Cboe Silexx, which
supports the trading of non-FLEX Options and allows authorized Users
with direct access to the Exchange to establish connectivity and submit
orders directly to the Exchange.\5\ Cboe Silexx is essentially the same
platform as Silexx FLEX, with the same applicable functionality, except
that it additionally supports non-FLEX trading. As noted in previous
filings, the Exchange has been in the process of transitioning the
Legacy Platforms to the current version of Cboe Silexx and Silexx
FLEX.\6\
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\4\ See Securities Exchange Act Release No. 87028 (September 19,
2019) 84 FR 50529 (September 25, 2019) (SR-CBOE-2019-061). Only
Users authorized for direct access and who are approved to trade
FLEX Options may trade FLEX Options via Cboe Silexx. Only authorized
Users and associated persons of Users may establish connectivity to
and directly access the Exchange, pursuant to Rule 5.5 and the
Exchange's technical specifications.
\5\ See Securities Exchange Act Release No. 88741 (April 24,
2020) 85 FR 24045 (April 30, 2020) (SR-CBOE-2020-040). Only
authorized Users and associated persons of Users may establish
connectivity to and directly access the Exchange, pursuant to Rule
5.5 and the Exchange's technical specifications.
\6\ See e.g., Securities Exchange Release No. 103532 (July 23,
2025) 90 FR 35564 (July 28, 2025) (SR-CBOE-2025-049).
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As of end of day August 29, 2025, the Exchange has completed its
migration of users from the Legacy Platforms, and going forward the
Exchange will no longer offer access to the Legacy Platforms.
Accordingly, the Exchange now proposes to remove the fees associated
with the Legacy Platforms from its Fees Schedule \7\ and to remove a
previous waiver for FLEX and Cboe Silexx FIX Connections, as well as
remove a previous waiver for market data fees incurred by new users of
the Cboe Legacy Silexx platform during the migration to the new Cboe
Silexx platform.
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\7\ Of which, the Exchange also proposes to remove the language
referencing the migration period from the Legacy Platforms to Cboe
Silexx or FLEX.
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2. Statutory Basis
The Exchange believes the proposed rule change is consistent with
the Securities Exchange Act of 1934 (the ``Act'') and the rules and
regulations thereunder applicable to the Exchange and, in particular,
the requirements of Section 6(b) of the Act.\8\ Specifically, the
Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \9\ requirements that the rules of an exchange be
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, to remove impediments to and perfect the
mechanism of a free and open market and a national market system, and,
in general, to protect investors and the public interest. Additionally,
the Exchange believes the proposed rule change is consistent with the
Section 6(b)(5) \10\ requirement that the rules of an exchange not be
designed to permit unfair discrimination between customers, issuers,
brokers, or dealers. Additionally, the Exchange also believes the
proposed rule change is consistent with Section 6(b)(4) of the Act,
which requires that Exchange rules provide for the equitable allocation
of reasonable dues, fees, and other charges among its TPHs and other
persons using its facilities.
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\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
\10\ Id.
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The Exchange notes that use of the Legacy Platforms is
discretionary and not compulsory, as users can choose to route orders,
including to Cboe Options, without the use of the platform. Indeed, the
Legacy Platforms were not an exclusive means of trading; market
participants may use other products, vendors, front-end builds, etc.
available in the marketplace. The Exchange continues to make the other
platforms of Silexx available, such as Cboe Silexx and Silexx FLEX, as
a convenience to market participants, who will continue to have the
option to use any order entry and management system available in the
marketplace to send orders to the Exchange and other exchanges; the
platform is merely an alternative offered by the Exchange. Because the
Legacy Platforms are no longer in use, the Exchange believes it is
reasonable to remove the fees associated with the Legacy Platforms from
its Fees Schedule \11\ and to remove a previous waiver for FLEX and
Cboe Silexx FIX Connections, as well as remove a previous waiver for
market data fees incurred by new users of the Cboe Legacy Silexx
platform during the migration to the new Cboe Silexx platform.
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\11\ Of which, the Exchange also proposes to remove the language
referencing the migration period from the Legacy Platforms to Cboe
Silexx or FLEX.
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Additionally, the Exchange believes that the proposed change to
remove the existing fee waivers for the FIX Connections for Staged
Orders, Drop Copies and Order Routing Functionality for Cboe Silexx and
Silexx FLEX is reasonable as this waiver was first introduced as an
incentive to market participants to start or continue using these new
Silexx platforms as trading tools on their trading desks.\12\ As the
Legacy Platforms have now been shut down, the original intent for
providing this fee waiver is no longer applicable. As such, the
Exchange proposes to
[[Page 45837]]
remove this fee waiver from its fee schedule.
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\12\ See Securities Exchange Act Release No. 89285 (July 10,
2020) 85 FR 43284 (July 16, 2020) (SR-CBOE-2020-062).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act. The proposed change will not
impose any burden on intramarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
proposed rule change will apply to similarly situated participants
uniformly, as described in detail above.
The Exchange does not believe that the proposed rule changes will
impose any burden on intermarket competition that is not necessary or
appropriate in furtherance of the purposes of the Act because the
proposed change applies only to Cboe Options. Additionally, the Legacy
Platforms were similar to types of products that are widely available
throughout the industry, including from some exchanges and the current
version of Cboe Silexx and Silexx FLEX. The proposed rule change is
intended to remove the Legacy Platforms from the Fee Schedule for
clarity moving forward, as the Exchange no longer offers these specific
products and to remove a waiver that was initially implemented to
encourage participants to use Cboe Silexx and Silexx FLEX (as opposed
to the Legacy Platforms). The Legacy Platforms were not an exclusive
means of trading; market participants may use other products, vendors,
front-end builds, etc. that are available in the marketplace (or the
current version of Cboe Silexx and Silexx FLEX). Market participants
may simply use those products instead, including for routing orders to
the Exchange (indirectly or directly if they are authorized Users).
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange neither solicited nor received comments on the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A) of the Act \13\ and paragraph (f) of Rule 19b-4 \14\
thereunder. At any time within 60 days of the filing of the proposed
rule change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission will institute proceedings to
determine whether the proposed rule change should be approved or
disapproved.
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\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 240.19b-4(f).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#681a1d040d450b0705050d061c1b281b0d0b460f071e"><span class="__cf_email__" data-cfemail="b4c6c1d8d199d7dbd9d9d1dac0c7f4c7d1d79ad3dbc2">[email protected]</span></a>. Please include
file number SR-CBOE-2025-066 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-CBOE-2025-066. 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 (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection.
All submissions should refer to file number SR-CBOE-2025-066 and
should be submitted on or before October 14, 2025.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\15\
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\15\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2025-18367 Filed 9-22-25; 8:45 am]
BILLING CODE 8011-01-P
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