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In this Letter, we demonstrate a highly efficient, compact, high-contrast and low-loss silicon slow wave modulator based on a traveling-wave Mach–Zehnder interferometer with two 500 μm long slow wave phase shifters. 40  Gb/s operation with 6.6 dB extinction ratio at quadrature and with an on-chip insertion loss of only 6 dB is shown. These results confirm the benefits of slow light as a means to enhance the performance of silicon modulators based on the plasma dispersion effect.