Federal Register / Vol. 88, No. 199 / Tuesday, October 17, 2023 / Notices 71619 

8 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3The Exchange initially filed the proposed fee 

changes on September 29, 2023 (SR–CBOE–2023– 

059). On October 5, 2023, the Exchange withdrew 

that filing and submitted this proposal. 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

NASDAQ–2023–040 on the subject line. 

Paper Comments 

• 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–NASDAQ–2023–040. 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 (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

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 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–NASDAQ–2023–040 and should be 

submitted on or before November 7, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–22811 Filed 10–16–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–98722; File No. SR–CBOE– 

2023–060] 

Self-Regulatory Organizations; Cboe 

Exchange, Inc.; Notice of Filing and 

Immediate Effectiveness of a Proposed 

Rule Change To Amend Fees for the 

Cboe Silexx Platform 

October 11, 2023. 

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 October 

5, 2023, 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. 

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 

fees for the Cboe Silexx platform. The 

text of the proposed rule change is 

provided in Exhibit 5. 

The text of the proposed rule change 

is also available on the Exchange’s 

website (http://www.cboe.com/ 

AboutCBOE/

CBOELegalRegulatoryHome.aspx), at 

the Exchange’s Office of the Secretary, 

and at the Commission’s Public 

Reference Room. 

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 fees 

for the Cboe Silexx platform (‘‘Cboe 

Silexx’’), effective September 29, 2023.3

By way of background, the Silexx 

platform consists of a ‘‘front-end’’ order 

entry and management trading platform 

(also referred to as the ‘‘Silexx 

terminal’’) for listed stocks and options 

that supports both simple and complex 

orders, and a ‘‘back-end’’ platform 

which provides a connection to the 

infrastructure network. From the Silexx 

platform (i.e., the collective front-end 

and back-end platform), a Silexx user 

has the capability to send option orders 

to U.S. options exchanges, send stock 

orders to U.S. stock exchanges (and 

other trading centers), input parameters 

to control the size, timing, and other 

variables of their trades, and also 

includes access to real-time options and 

stock market data, as well as access to 

certain historical data. The Silexx 

platform is designed so that a user may 

enter orders into the platform to send to 

an executing broker (including Trading 

Permit Holders (‘‘TPHs’’)) of its choice 

with connectivity to the platform, which 

broker will then send the orders to Cboe 

Options (if the broker is a TPH) or other 

U.S. exchanges (and trading centers) in 

accordance with the user’s instructions. 

The Silexx front-end and back-end 

platforms are a software application that 

is installed locally on a user’s desktop. 

Silexx grants users licenses to use the 

platform, and a firm or individual does 

not need to be a TPH to license the 

platform. 

The Exchange offers several versions 

of its Silexx platform. Originally, the 

Exchange offered the following versions 

of the Silexx platform: Basic, Pro, SellSide, Pro Plus Risk and Buy-Side 

Manager (‘‘Legacy Platforms’’). The 

Legacy Platforms are designed so that a 

User may enter orders into the platform 

to send to the executing broker, 

including TPHs, of its choice with 

connectivity to the platform. The 

executing broker can then send orders to 

Cboe Options (if the broker-dealer is a 

TPH) or other U.S. exchanges (and 

trading centers) in accordance with the 

User’s instructions. Users cannot 

directly route orders through any of the 

Legacy Platforms to an exchange or 

trading center nor is the platform 


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71620 Federal Register / Vol. 88, No. 199 / Tuesday, October 17, 2023 / Notices 

4See 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 Cboe 

Silexx. 

5See 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. 

6Only authorized Users and associated persons of 

Users will continue to be able to establish 

connectivity to and directly access the Exchange, 

pursuant to Rule 5.5. Unauthorized Users will not 

be able to connect directly to the Exchange. The 

new Cboe Silexx platform will function in the same 

manner as the Legacy Platforms versions currently 

available to Users: it will be completely voluntary; 

orders entered through the platform will receive no 

preferential treatment as compared to orders 

electronically sent to Cboe Options in any other 

manner; orders entered through the platform will be 

subject to current trading rules in the same manner 

as all other orders sent to the Exchange, which is 

the same as orders that are sent through the 

Exchange’s System today; the Exchange’s System 

will not distinguish between orders sent from 

Silexx and orders sent in any other manner; and 

Silexx will provide technical support, maintenance 

and user training for the new platform version upon 

the same terms and conditions for all Users. The 

Exchange plans to decommission the Legacy 

Platforms at a future to-be-determined date, at 

which time the Legacy Platforms will be 

unavailable to users. 

7 15 U.S.C. 78f(b). 

8 15 U.S.C. 78f(b)(5). 9 Id. 

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 supports the trading of FLEX 

Options and allows authorized Users 

with direct access to the Exchange.4 In 

2020, the Exchange made an additional 

version of the Silexx platform available, 

Cboe Silexx, which supports the trading 

of non-FLEX Options and allows 

authorized Users with direct access to 

the Exchange.5 Cboe Silexx is 

essentially the same platform as Silexx 

FLEX, with the same applicable 

functionality, except that it additionally 

supports direct access for non-FLEX 

trading. Use of any version of the Silexx 

platform is completely optional. 

The Exchange has also assessed Login 

ID fees for each Silexx Platform. 

Particularly, the Exchange assesses the 

following monthly fees (per Login ID): 

$200 for Basic, $400 for Pro, $475 for 

Sell-Side, $600 for Pro Plus Risk, $300 

for Buy-Side Manager, and with respect 

to Cboe Silexx, $399 for the first 16 

Login IDs, $299 per each additional 

Login ID for the next 16 Login IDs, and 

a fee of $199 per each additional Login 

ID thereafter (i.e., 33+ Login IDs). No fee 

is assessed for Silexx FLEX. The 

Exchange also charges a Market Data 

Feeds fee, for connections to other 

market data feeds. For the Market Data 

Feeds fee, the fee is the actual cost, 

determined on a time (per hour) and 

materials basis, which is passed through 

to the user. 

The Exchange is transitioning the 

Legacy Platforms to the current version 

of Cboe Silexx.6 While each user 

completes the transition, they may 

choose to have access to both the old 

and new versions of Cboe Silexx. Once 

their transition is complete, the user 

will only have access to the new 

version. The Exchange proposes to 

provide for a waiver of any duplicative 

fees incurred because of the transition. 

Specifically, the Exchange proposes a 

waiver for new users of Cboe Silexx 

who are migrating from the Legacy 

Platforms of any Cboe Silexx Login ID 

fees that are incurred during the 

migration for up to two months. Login 

ID fees for the Legacy Platforms will 

continue to apply to migrating users, as 

applicable (i.e., to extent users which to 

retain the ability to login to both 

versions of the platform during the 

migration period). Similarly, the 

Exchange proposes a waiver of any 

duplicative Market Data Feeds fees 

incurred by users during the migration 

to the new Cboe Silexx since, while 

each user completes the transition, they 

could receive market data on both 

versions (old and new) of the platform. 

The proposed waivers will allow 

users of Cboe Silexx to transition to the 

new version of the platform without 

incurring duplicative Login ID and 

Market Data Feed fees for access to both 

the old and new versions of Cboe Silexx 

during this transitional period. The 

Exchange also believes not assessing 

duplicative fees for Users transitioning 

to Cboe Silexx will serve as an incentive 

to market participants to start using the 

Cboe Silexx platform, while also 

providing time and flexibility for such 

Users to become familiar with and fully 

acclimated to the new platform. 

2. Statutory Basis 

The Exchange believes the proposed 

rule change is 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.7 Specifically, 

the Exchange believes the proposed rule 

change is consistent with the Section 

6(b)(5) 8 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 rule change is consistent with 

the Section 6(b)(5) 9 requirement that 

the rules of an exchange not be designed 

to permit unfair discrimination between 

customers, issuers, brokers, or dealers. 

Additionally, the Exchange also believes 

the proposed rule change is 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. 

In particular, the Exchange believes 

the proposed rule change is reasonable, 

equitable, and not unfairly 

discriminatory because the fee waivers 

will apply to new users of Cboe Silexx 

who are migrating from the Legacy 

Platforms. The Exchange believes 

waiving the Login ID and Market Data 

Feed fees for Cboe Silexx during this 

transition period is reasonable because 

it will allow all TPHs that migrate to the 

Cboe Silexx platform to avoid having to 

pay duplicative fees that they would 

otherwise have to pay as a result of the 

migration to the platform. The waivers 

are also reasonable, equitable and not 

unfairly discriminatory because the 

waiver applies to users who are already 

subject to a monthly Login ID fee (albeit 

for the Legacy Platform), as well as 

Market Data Feed fees (for those 

receiving it on the Legacy Platform). 

Additionally, the fee waiver period will 

be limited to the timeframe during 

which such Users have access to the old 

and new version of Cboe Silexx and 

would otherwise result in duplicative 

fees. The Exchange further believes a fee 

waiver of two months is an appropriate 

and reasonable amount of time for Users 

to become familiar with and fully 

acclimated to the new platform and 

therefore able to terminate their 

connection to the Legacy Platforms. 

Finally, the Exchange notes that use 

of the platform, is discretionary and not 

compulsory, as users can choose to 

route orders, including to Cboe Options, 

without the use of the platform. The 

Exchange makes the platform 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 platform is merely an 

alternative offered by the Exchange. 


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Federal Register / Vol. 88, No. 199 / Tuesday, October 17, 2023 / Notices 71621 

10 15 U.S.C. 78s(b)(3)(A). 

11 17 CFR 240.19b–4(f). 12 17 CFR 200.30–3(a)(12). 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any burden on competition that is not 

necessary or appropriate in furtherance 

of the purposes of the Act. The 

proposed change will not impose any 

burden on intramarket competition that 

is not necessary or appropriate in 

furtherance of the purposes of the Act 

because proposed rule change applies to 

all users who are migrating to Cboe 

Silexx from the Legacy Platforms and 

are already paying Login ID and/or 

market data fees, as applicable. Further, 

the proposed rule change relates to an 

optional platform. The proposed fee 

amendments will apply to similarly 

situated participants uniformly, as 

described in detail above. 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. The Cboe 

Silexx platform 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. Use of the 

functionality is completely voluntary. 

The Exchange does not believe that 

the proposed rule 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 change applies 

only to Cboe Options. Additionally, 

Cboe Silexx is similar to types of 

products that are widely available 

throughout the industry, including from 

some exchanges, at similar prices. To 

the extent that the proposed changes 

make Cboe Options a more attractive 

marketplace for market participants at 

other exchanges, such market 

participants are welcome to become 

Cboe Options market participants. 

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 

rule 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 10 and paragraph (f) of Rule 

19b–4 11 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. 

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 

• Use the Commission’s internet 

comment form (https://www.sec.gov/ 

rules/sro.shtml); or 

• Send an email to rule-comments@

sec.gov. Please include file number SR– 

CBOE–2023–060 on the subject line. 

Paper Comments 

• 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–2023–060. 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 (https://www.sec.gov/ 

rules/sro.shtml). Copies of the 

submission, all subsequent 

amendments, all written statements 

with respect to the proposed rule 

change that are filed with the 

Commission, and all written 

communications relating to the 

proposed rule change between the 

Commission and any person, other than 

those that may be withheld from the 

public in accordance with the 

provisions of 5 U.S.C. 552, will be 

available for website viewing and 

printing in the Commission’s Public 

Reference Room, 100 F Street NE, 

Washington, DC 20549, on official 

business days between the hours of 10 

a.m. and 3 p.m. Copies of the filing also 

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 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–2023–060 and should be 

submitted on or before November 7, 

2023. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.12

Sherry R. Haywood, 

Assistant Secretary. 

[FR Doc. 2023–22812 Filed 10–16–23; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[SEC File No. 270–361, OMB Control No. 

3235–0411] 

Proposed Collection; Comment 

Request; Extension: Rule 489 and 

Form F–N 

Upon Written Request, Copies Available 

From: Securities and Exchange 

Commission, Office of FOIA Services, 

100 F Street NE, Washington, DC 

20549–2736 

Notice is hereby given that, pursuant 

to the Paperwork Reduction Act of 1995 

(44 U.S.C. 3501 et seq.) (‘‘Paperwork 

Reduction Act’’), the Securities and 

Exchange Commission (the 

‘‘Commission’’) is soliciting comments 

on the collection of information 

summarized below. The Commission 

plans to submit this existing collection 

of information to the Office of 

Management and Budget (‘‘OMB’’) for 

extension and approval. 

Rule 489 (17 CFR 230.489) under the 

Securities Act of 1933 (15 U.S.C. 77a et 

seq.) requires foreign banks and foreign 

insurance companies and holding 

companies and finance subsidiaries of 

foreign banks and foreign insurance 

companies that are exempted from the 

definition of ‘‘investment company’’ by 

virtue of rules 3a–1 (17 CFR 270.3a–1), 

3a–5 (17 CFR 270.3a–5), and 3a–6 (17 

CFR 270.3a–6) under the Investment 

Company Act of 1940 (15 U.S.C. 80a–1 

et seq.) to file Form F–N (17 CFR 

239.43) to appoint an agent for service 

of process when making a public 

offering of securities in the United 

States. The information is collected so 

that the Commission and private 


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