Bureaucrats Fine-Tune Fees for Crypto Timestamp Shenanigans
Published Date: 8/8/2025
Notice
Summary
Starting July 25, 2025, Cboe BZX Exchange is changing its fees so that Sponsored Participants can buy Timestamping Service reports directly. This means more folks involved in trading can get these important time-stamped order details without extra hoops. The change makes access easier and keeps the fee setup fair and clear for everyone involved.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Monthly Fees and Port-Based Tiers Stay in Place
The Cancels Report continues to be charged a monthly flat fee of $1,000. The Missed Liquidity Report remains tiered by subscribing Ports at $1,500 for 1–10 Ports, $2,000 for 11–20 Ports, and $2,500 for 21 or more Ports; mid-month subscriptions are prorated and fees are assessed on a look-back basis based on the maximum number of subscribing Ports in the prior calendar month.
Sponsored Participants Can Buy Reports Directly
Starting July 25, 2025, Sponsored Participants may subscribe to and be billed directly by Cboe for the Cboe Timestamping Service reports (the Missed Liquidity Report and the Cancels Report). The same fees that apply to Members will apply to Sponsored Participants if they choose to subscribe.
Reports Are Historical, Firm-Only, T+1 Data
The Missed Liquidity and Cancels reports contain historical data from the prior trading day and are generally available on a T+1 basis. Each report includes only the subscribing (recipient) firm's activity and does not include real-time market data or information about other firms.
Faster Access for Sponsored Participants
Previously, Sponsoring Members had to filter larger reports to provide each Sponsored Participant's activity, which could delay delivery. Allowing Sponsored Participants to subscribe directly permits them to request and receive their own information without that intermediate filtering step.
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