Bloomberg, industry bodies push back on Cboe’s proposed OEMS rule change
Some industry bodies disagree with the options exchange’s proposal to carve its Silexx OEMS out of the SEC’s definition of an exchange facility and place it into a separate business line.
On Thursday, the comment period closed for a controversial proposal by US options exchange Cboe to remove exchange-affiliated order execution management systems from the Securities and Exchange Commission’s definition of an exchange facility. If Rule 3.66 is adopted, it would allow Cboe to raise fees on and make changes to its Silexx OEMS without seeking SEC approval.
Cboe says the proposal will help it compete with other non-exchange and unregulated OEMS providers. But in comment letters from
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