Cboe Opens Timestamp Reports to Sponsored Traders
Published Date: 8/8/2025
Notice
Summary
Starting July 25, 2025, Cboe BYX Exchange is changing its fees so that Sponsored Participants can buy Cboe Timestamping Service reports directly. This means more folks involved in trading can get important timing info on orders without going through others. The change makes access easier and keeps the fee setup fair and clear.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Existing Monthly Fees Apply to Buyers
The same monthly fees apply when Sponsored Participants subscribe directly: the Cancels Report is $1,000 per month and the Missed Liquidity Report is tiered at $1,500 (1–10 Ports), $2,000 (11–20 Ports), and $2,500 (21+ Ports). Fees are prorated for mid-month subscriptions and assessed on a look-back basis based on the maximum number of subscribing Ports in the prior calendar month.
Sponsored Participants Can Buy Reports
Starting July 25, 2025, Sponsored Participants may subscribe and be billed directly for Cboe Timestamping Service reports (the Cancels Report and the Missed Liquidity Report) instead of receiving filtered data from their Sponsoring Member. The reports are optional, may be canceled at any time, and contain only the subscribing firm’s historical data available after the trading day (generally on a T+1 basis).
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