Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Silexx Fee Schedule

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<title>Federal Register, Volume 91 Issue 2 (Monday, January 5, 2026)</title>
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[Federal Register Volume 91, Number 2 (Monday, January 5, 2026)]
[Notices]
[Pages 306-309]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2025-24229]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-104524; File No. SR-CBOE-2025-093]

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of
Filing and Immediate Effectiveness of a Proposed Rule Change To Amend
the Silexx Fee Schedule

December 30, 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 December 18, 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 amend the Silexx fee schedule to remove all fees and references to
the Silexx FLEX platform, remove the data management fee waiver for
Cboe Silexx, and update language regarding the first month fee waiver
for Cboe Silexx to address mid-month subscription start dates. 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 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 amend the Silexx fee schedule, effective
December 1, 2025. By way of background, the Exchange originally offered
the following versions of the Silexx platform: Basic, Pro, Pro Plus
Risk and Buy-Side Manager (``Legacy Platforms''). The Legacy Platforms
were designed so that a User could enter orders into the platform to
send to the executing broker, including Trading Permit Holders (TPHs),
of its choice with connectivity to the platform. Users could not
directly route orders through any of the Legacy Platforms to an
exchange or trading

[[Page 307]]

center nor was 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 supported the
trading of FLEX Options and allowed authorized Users direct access to
the Exchange to establish connectivity and submit orders directly to
the Exchange.\3\ In 2020, the Exchange made an additional version of
the Silexx platform available, Cboe Silexx, which originally only
supported the trading of non-FLEX Options and allowed authorized Users
direct access to the Exchange to establish connectivity and submit
orders directly to the Exchange.\4\ In August of 2025, the Exchange
transitioned the Legacy Platforms to the current version of Cboe
Silex,\5\ and no longer offers access to the Legacy Platforms,
including Silexx FLEX.\6\ Additionally, the current version of Cboe
Silexx, includes the functionality of both the original Cboe Silexx and
Silexx FLEX platforms. As such, the risk of duplicative fees no longer
exists. Accordingly, the Exchange proposes to remove the data
management fee waiver from the Silexx fee schedule.\7\
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\3\ 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 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.
\4\ 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.
\5\ See Securities Exchange Act Release No. 104004 (September
18, 2025) 90 FR 45835 (September 23, 2025) (SR-CBOE-2025-066).
\6\ See id.
\7\ On December 1, 2025, the Exchange submitted SR-CBOE-2025-
084. On December 18th, 2025, the Exchange withdrew that filing and
submitted this filing.
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The Exchange has an established fee structure for the Cboe Silexx
platform, based on Login IDs and set forth in the Silexx fee schedule.
For the Cboe Silexx platform, there is a monthly fee of $399 per Login
ID for the first 16 Login IDs (i.e., Logins Ids 1-16), a fee of $299
per each additional Login ID for the next 16 Login IDs (i.e., Login IDs
17-32), and each Login ID thereafter is $199 per Login ID (i.e., 33+
Login IDs). The Exchange's fee schedule currently displays fees for
Silexx FLEX as an independent platform. As Silexx FLEX is no longer
offered as a separate platform from Cboe Silexx, the Exchange proposes
to remove all references to the Silexx FLEX platform from its fee
schedule.
Additionally, the Exchange proposes to remove the current data
management fee waiver in place for both Silexx FLEX and Cboe Silexx.
The Exchange's fee schedule includes a data management charge of $20
per month per Login ID. However, the Exchange implemented a fee waiver
for the data management charge while transitioning the Legacy Platforms
to the Cboe Silexx platform.\8\ The purpose of the waiver was to avoid
duplicative fees for Users who had access to both the old Legacy
Platforms and the new version of Cboe Silexx .\9\ As discussed above,
the transition of the Legacy Platforms to the current version of Cboe
Silexx, which includes the functionality of both the original Cboe
Silexx and Silexx FLEX platforms, is complete, and Users only have
access to the new version of Cboe Silexx. Thus, the risk of duplicative
fees no longer exists. Accordingly, the Exchange proposes to remove the
data management fee waiver from the Silexx fee schedule.
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\8\ See Securities Exchange Act Release No. 98722 (October 11,
2023) 85 FR 24045 (October 17, 2023) (SR-CBOE-2023-060).
\9\ See id.
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Finally, the Exchange notes that the Silexx fee schedule currently
states that the fee for access to both Silexx FLEX and Cboe Silexx is
waived for the first month for any new user firm and that the fee for
access to Cboe Silexx is waived for any new individual user. Moreover,
the Exchange further notes that the current fee schedule does not
address the duration of the fee waiver if a new user firm or individual
user begins their first month subscription on a day other than the
first of the calendar month.
As noted above, the Exchange no longer offers access to Silexx FLEX
as a standalone product because Cboe Silexx now offers the same
functionality. As such, the Exchange now proposes to update the Silexx
fee schedule to remove any references to Silexx FLEX, including the the
Silexx FLEX fee waiver, as well as the removal of the data management
fee waiver. The Exchange also seeks to amend the fee schedule to
clarify that Cboe Silexx will not prorate monthly billing. As such, any
fee waiver for the first month of access to Cboe Silexx applies to the
calendar month in which the subscription begins and may apply for less
than 30 days depending on the start date of the subscription.
As a result, the removal of the monthly fee proration will result
in new Cboe Silexx users who subscribe to the platform mid-month from
being assessed a full month's fees, whereas they previously were
charged on a prorated basis when subscribing on a day that is not the
first business day of the month. Furthermore, while the Exchange is
removing the Silexx fee waivers and data management fee waivers, the
Exchange notes that such waivers are no longer necessary given that the
transition from the Legacy Platforms to the new Cboe Silexx has been
completed, eliminating the risk of duplicative billing that existed
during the transition period.
2. Statutory Basis
The Exchange believes the proposed fee schedule changes are
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.\10\
Specifically, the Exchange believes the proposed fee schedule changes
are consistent with the Section 6(b)(5) \11\ 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 fee schedule
changes are consistent with the Section 6(b)(5) \12\ requirement that
the rules of an exchange not be designed to permit unfair
discrimination between customers, issuers, brokers, or dealers. The
Exchange also believes the proposed fee schedule changes are 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 Trading Permit Holders and other persons using
its facilities.
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\10\ 15 U.S.C. 78f(b).
\11\ 15 U.S.C. 78f(b)(5).
\12\ Id.
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In particular, the Exchange believes the proposed changes to the
Silexx fee schedule are reasonable, equitable, and not unfairly
discriminatory because the proposed changes will apply to equally to
all Users of Cboe Silexx. The proposed removal of all fees and
references to the Silexx FLEX platform seeks to align the fee schedule
with the current Cboe Silexx platform, which

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now includes the functionality of Silexx FLEX. The Exchange believes
this proposed change is reasonable, equitable, and not unfairly
discriminatory because the change ensures consistent pricing for Silexx
services for all Users of FLEX and non-FLEX products, which have now
been integrated into a single platform, Cboe Silexx.
Similarly, the removal of the data management fee waiver reinstates
a fee originally waived to ensure no duplicative charges were assessed
upon Users of both the Legacy Platforms and the Cboe Silexx platform
during the wind down of the Legacy Platforms and transition to current
version of Cboe Silexx. The Exchange no longer offers access to the
Legacy Platforms and therefore no risk of duplicative charges remains.
Thus, the Exchange believes the removal of the data management fee
waiver is reasonable and equitable. Additionally, the Exchange believes
the data management fee is reasonable as it accounts for administrative
costs that Cboe Silexx incurs, but does not charge Users, to maintain
and support all Cboe Silexx offerings. The removal of the data
management fee waiver is not unfairly discriminatory because the fee
will apply to all Users equally, in that all Users will be subject to
the data management fee.
Finally, the proposed change to the Silexx fee schedule to clarify
the terms of the fee waiver for use of Cboe Silexx is reasonable and
promotes just and equitable principles of trade because the change
seeks to clarify the terms of the one-month fee waiver for Cboe Silexx.
The proposed change clarifies the terms of the one-month fee waiver of
Cboe Silexx by describing that the fee waiver applies only for the
calendar month in which the subscription began and therefore may be for
less than 30 days because Cboe Silexx does not prorate monthly billing.
Additionally, the proposed change is not unfairly discriminatory
because it applies equally to all new users of the Cboe Silexx in that
no new User will be entitled to a prorated monthly fee or a fee waiver
outside of the calendar month in which the subscription to Cboe Silexx
began. The Exchange believes that by increasing the consistency and
clarity of the Cboe Silexx fee schedule, the proposed changes promote
just and equitable principles of trade and remove impediments to and
perfect the mechanism of a free and open market and a national market
system.
Finally, the Exchange notes that use of the Cboe Silexx is
discretionary and not compulsory, as Users can choose to route orders,
including to Cboe Options, without the use of the Cboe Silexx. Indeed,
Cboe Silexx is not an exclusive means of trading, and if market
participants believe that other products, vendors, front-end builds,
etc. available in the marketplace are more beneficial or cost effective
than Cboe Silexx, they may simply use those products instead, including
for routing orders to the Exchange, indirectly or directly. The
Exchange makes Cboe Silexx available 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 platforms are merely
alternatives offered by the Exchange.

B. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe that the proposed fee schedule
changes will impose any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act. The proposed fee
schedule changes will not impose any burden on intramarket competition
that are not necessary or appropriate in furtherance of the purposes of
the Act because the proposed changes will apply to similarly situated
participants uniformly, as described above.
The Exchange does not believe that the proposed fee schedule
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 changes apply only to Cboe Options. Additionally,
Cboe Silexx is similar to types of products that are widely available
throughout the industry, at similar prices. Further, the proposed fee
schedule changes relate to an optional platform. As discussed, the use
of the platform continues to be completely voluntary and market
participants will continue to have the flexibility to use any entry and
management tool that is proprietary or from third-party vendors, and/or
market participants may choose any executing brokers to enter their
orders. Cboe Silexx is not an exclusive means of trading, and if market
participants believe that other products, vendors, front-end builds,
etc. available in the marketplace are more beneficial than Cboe Silexx,
they may simply use those products instead, including for routing
orders to the Exchange, indirectly or directly. Use of the
functionality is completely voluntary.

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 fee schedule 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#1163647d743c727e7c7c747f6562516274723f767e67"><span class="__cf_email__" data-cfemail="7002051c155d131f1d1d151e0403300315135e171f06">[email&#160;protected]</span></a>. Please include
file number SR-CBOE-2025-093 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-2025-093. 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

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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-2025-093 and should be submitted on or before January 26, 2026.

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. 2025-24229 Filed 1-2-26; 8:45 am]
BILLING CODE 8011-01-P

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Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Silexx Fee Schedule

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