Cboe has removed the fees for its Silexx order and execution management system from the exchange’s public fee schedule. The change does not make Silexx free. Pricing will instead be established through contracts with customers, following SEC exemptive relief that permits the exchange-affiliated software business to charge for the product outside the exchange rulebook under stated conditions.[1][2]
Silexx is voluntary order and execution management software that can route to Cboe and other venues. The relief requires equivalent treatment of third-party and exchange-affiliated systems when connecting to Cboe; it does not require every destination venue to have identical connection terms. Users and their brokers remain responsible for routing decisions.[1]
Public schedule removal versus economic reality
Silexx pricing change
| Point | Before the filing | After the filing |
|---|---|---|
| Where charges appear | Cboe exchange fee schedule | Customer contracts for the software serviceSource 1 |
| Can prices vary? | Public schedule applied the stated charges | Contract pricing may vary within the exemptive conditionsSource 1 |
| Is Silexx mandatory? | No | NoSource 1 |
| Are charges tied to Cboe volume? | The relief restricts such linkage | They must not be based on a customer’s Cboe trading activitySource 1 |
Moving a charge into contract can give the supplier more commercial flexibility, including negotiated packages or different service levels. It also reduces the amount of price information that can be inferred from an exchange schedule alone. A broker evaluating Silexx will need the actual agreement, implementation charges, market-data entitlements, third-party connectivity costs and termination terms to calculate total cost.[1]
Conditions that remain under contract pricing
The conditions also prohibit Silexx fees from taking account of a user’s Cboe activity or exchange fees. Cboe must maintain controls preventing its affiliated system from receiving preferential information or other advantages. Contract pricing changes how the software is sold, while those access and affiliation conditions remain.[1]
Sources & further reading
- Cboe Exchange Inc proposed rule change regarding Silexx fees US Securities and Exchange Commission · 29 Oct 2026 · Accessed 30 Oct 2026
- Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness Federal Register · 29 Oct 2026 · Accessed 30 Oct 2026