SEC Eases Rules for Cboe's Trading Tools
Published Date: 5/6/2026
Notice
Summary
The SEC is giving Cboe’s affiliate a break from some paperwork rules for their order and execution management software, like Silexx. This means Cboe can offer these tools more easily, as long as they follow certain conditions. This change helps Cboe members use these systems without extra delays or costs starting now.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 1 costs, 1 mixed.
SEC Exempts Cboe-Affiliated OEMSs From Rule Filings
The Securities and Exchange Commission granted conditional exemptive relief on May 1, 2026, allowing Exchange‑affiliated order and execution management systems (OEMSs) to be exempt from the requirement to file proposed rule changes under Section 19(b) and related requirements under Section 6(b) of the Exchange Act, provided the Exchange meets the listed Exemption Conditions.
Connection Terms and Fees Must Be Equal
The Exemption Conditions require that ports, terms, conditions, and fees for connecting to the Exchange be the same for third‑party OEMSs and Exchange‑affiliated OEMSs, and that those connectivity requirements and fees be set out in the Exchange's Rules, technical specifications, and Fees Schedule.
Fees and Rebates Restrictions for Affiliated OEMS
Any fees charged by an Exchange‑affiliated OEMS may not take into account a user's activity on the Exchange or Exchange fees, and any fees charged by the Exchange may not consider a member's activity on the Exchange‑affiliated OEMS; the Exchange also will no longer provide rebates to users of an Exchange‑affiliated OEMS.
Use of Affiliated OEMS Must Be Voluntary
The exemption requires that use of an Exchange‑affiliated OEMS be voluntary and not required for a member to access the Exchange; the OEMS must be a nonexclusive means of access.
Affiliated OEMSs Still Subject to Books, Records, Oversight
Even with the exemptive relief, Exchange‑affiliated OEMSs that are facilities (like Silexx) remain subject to other Exchange Act requirements, including books and records obligations under Section 17(a) and inspection and examination requirements under Section 17(b) and Rule 17a‑1.
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