Federal Register #2026-08778

SEC Regulatory Relief for Cboe Exchange-Affiliated OEMS Providers

This SEC regulatory notice addresses conditional exemptive relief for order and execution management systems (OEMS) affiliated with Cboe Exchange, Inc. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors Mentioned: - Cboe Silexx, LLC (highlighted as an Exchange-affiliated OEMS) - Third-party OEMS providers (not named, but referenced as competitors) - Products/Services Requested: - No procurement of products or services; this is a regulatory action affecting OEMS vendors - Unique or Notable Requirements: - Exemptive relief from certain rule filing requirements for Exchange-affiliated OEMSs, contingent on: - Voluntary use by market participants - Equal terms for Exchange connectivity between third-party and Exchange-affiliated OEMSs - Exchange-affiliated OEMSs must not be registered broker-dealers - Orders routed via any OEMS must be treated equally by the Exchange - Fee structures must not consider Exchange activity - Internal controls to prevent preferential treatment - Aims to promote competition and innovation among OEMS vendors by leveling the regulatory playing field - No products or services are being procured or awarded; this is a regulatory notice impacting the OEMS market

Description

This notice pertains to the Securities and Exchange Commission's order granting conditional exemptive relief to the Cboe Exchange, Inc. for order and execution management systems (OEMS) offered by an affiliate or pursuant to a contract with the Exchange. The relief exempts these OEMSs from certain rule filing requirements under sections 19(b) and 6(b) of the Exchange Act, subject to specific conditions ensuring fair competition and equal access. The order aims to level the regulatory playing field between Exchange-affiliated OEMSs and third-party OEMSs, promoting competition and innovation in the market.

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