Statement Summary
The Cboe Exchange, Inc. has proposed a rule change to amend fees for its Legacy Silexx platform versions, including a significant increase in API fees and an extension of existing fee waivers for users transitioning to the newer Cboe Silexx platform. The proposed changes aim to ease the transition from Legacy Platforms to updated versions while also facilitating the maintenance of both systems during this period. The Exchange believes this initiative aligns with the Securities Exchange Act by promoting just trading principles and preventing unfair discrimination among users. The rule change has been submitted for consideration to the Securities and Exchange Commission and is open for public comments.
Original Statement
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-103089; File No. SR-CBOE-2025-036]
Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate
Effectiveness of a Proposed Rule Change to Amend Fees Related to the Cboe Legacy Silexx
Platform Versions
May 20, 2025.Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (the “Act”), and Rule 19b-4 thereunder, notice is hereby given that on May 12, 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.
Proposed Changes
Purpose
The Exchange proposes to amend fees related to the Cboe Legacy Silexx platform versions (collectively, the Legacy Platforms) and to extend the time of a fee waiver currently offered for Cboe Silexx, effective May 1, 2025. Originally, the Exchange offered various versions of the Silexx platform: Basic, Pro, Pro Plus Risk and Buy-Side Manager. The Legacy Platforms are designed to allow users to enter orders into the platform to send to the executing broker of their choice. The executing broker can then send orders to Cboe Options or other U.S. exchanges.
Users cannot directly route orders through any of the Legacy Platforms to an exchange or trading center, nor is the platform integrated into Cboe Options’ system. In 2019, a new version of the Silexx platform was introduced, Silexx FLEX, followed by the Cboe Silexx in 2020, which supports non-FLEX trading.
The Exchange is actively transitioning from the Legacy Platforms to the current version and has proposed to increase the API fee for the Legacy Platforms from a $200/month/login ID fee to $2,000/month/login ID for the first 5 logins and a fee of $0/month/login ID for logins 6-10, capped at 10 login IDs. Additionally, the Exchange has proposed to extend the existing fee waiver for Cboe Silexx Login ID fees from two months to three months.
Statutory Basis
The Exchange believes the proposed rule change is consistent with the Securities Exchange Act of 1934 and aims to promote just and equitable principles of trade while protecting investors and the public interest. The proposed fee increase for the API for Legacy Platforms is seen as both reasonable and equitable, applying uniformly to all users utilizing the API. It also accounts for the administrative costs incurred by Cboe Silexx while supporting Legacy Platforms during the transition.
Furthermore, the extension of the fee waiver regionally for Cboe Silexx Login ID fees encourages users to acclimate to the new platform and reduce any financial burdens during migration. The platform remains optional, allowing users to choose other means for routing orders.
Solicitation of Comments
Interested persons are invited to submit written data, views, and arguments concerning the proposed rule change, specifically whether it is consistent with the Act. Comments may be submitted electronically or as paper submissions. For electronic comments, users may use the Commission’s internet comment form or send an email, including the file number SR-CBOE-2025-036. Paper comments should be sent in triplicate to the Secretary, Securities and Exchange Commission.
All submissions should be referred to file number SR-CBOE-2025-036.
