Cboe Exchange Inc. received pushback from a federal appeals judge over its bid to limit the SEC’s oversight of an affiliated platform allowing traders to execute orders.
The SEC shouldn’t be able to regulate a software tool such as Cboe’s Silexx order and execution management system as part of an equities exchange simply because they share a parent company, especially when the unit doesn’t perform any exchange functions, Cboe lawyer Kelly Dunbar of Wilmer Cutler Pickering Hale & Dorr LLP said at oral arguments Tuesday before the US Court of Appeals for the Seventh Circuit.
The Chicago-based derivatives and exchange ...
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