Cboe EDGA Pushes Back Timestamp Upgrade Deadline by Five Years
Published Date: 6/27/2025
Notice
Summary
Cboe EDGA Exchange is updating its rules to match a new SEC exemption that extends relaxed timestamp requirements until 2030. This change mainly affects traders and firms reporting trade data, giving them more time to comply without rushing costly system upgrades. The update is effective immediately, keeping things smooth and clear for everyone involved.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Exemption Extended Through April 8, 2030
The Exchange amends Rule 4.10(a)(2) to replace the exemption expiration date of April 8, 2025 with April 8, 2030. This means the exemptive relief from certain CAT timestamp granularity provisions now remains in effect until April 8, 2030.
Truncate Sub‑Nanosecond Timestamps (Not Round)
Industry Members that capture timestamps more granular than nanoseconds must truncate timestamps after the nanosecond level for submission to the Consolidated Audit Trail (CAT), rather than rounding up or down. That truncation requirement will remain in effect through April 8, 2030.
Rule Change Effective Immediately Upon Filing
The Exchange filed the proposed rule change on June 18, 2025 and asked the Commission to waive the 30-day delay. The Commission designated the proposal to be operative upon filing, so the amended Rule 4.10 is effective immediately upon that filing.
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