Examining Cboe’s lawsuit appealing SEC’s OEMS rule rejection
The Chicago-based exchange has sued the regulator in the Seventh Circuit Court of Appeals after the agency blocked a proposed rule that would change how Silexx is classified.
Late last year, Cboe Exchange, Inc. sued the US Securities and Exchange Commission after the agency blocked a proposed rule changing how its order execution management system (OEMS), Silexx, is classified.
Cboe proposed a rule in February 2024—Rule 3.66—that would remove these types of trading platform from the definition of an exchange “facility.” The facility definition, written into the Exchange Act of 1934, gives the SEC oversight of non-trading exchange products like connection ports
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