Cboe Ends Bid to Reverse SEC Order on Software Unit Carve-Out

Cboe Exchange Inc. is dropping its request for a federal appeals court to review the SEC’s oversight of an affiliated platform allowing traders to execute orders.

Cboe and the SEC filed a joint stipulation of voluntary dismissal in the US Court of Appeals for the Seventh Circuit on Nov. 26, weeks after the court heard oral argument in the case.

• The Chicago-based derivatives and exchange network sued the SEC in December 2024, asking the Seventh Circuit to review an agency order denying its proposed rule change that would update how order and execution management systems are classified.
• Cboe had argued ...