Stock Traders Get Direct Access to Timestamp Shenanigans
Published Date: 8/11/2025
Notice
Summary
Starting July 25, 2025, Cboe EDGX Exchange is letting sponsored participants buy Cboe Timestamping Service reports directly, making it easier and more flexible for them to get important order timing info. This change updates the fees and opens up direct access, helping traders and firms stay on top of their market moves without extra hassle.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Monthly Fee Structure and Billing Rules
The Cancels Report costs $1,000 per month. The Missed Liquidity Report is tiered at $1,500 per month for 1–10 subscribing Ports, $2,000 per month for 11–20 Ports, and $2,500 per month 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 a firm had in the prior calendar month.
Sponsored Participants Can Buy Reports Directly
Starting July 25, 2025, Sponsored Participants may subscribe to and be billed directly for Cboe Timestamping Service reports rather than receiving filtered data from their Sponsoring Member. The same fees that currently apply to Members will apply when a Sponsored Participant subscribes directly.
What the Reports Provide and Timing Limits
The two optional reports are the Cancels Report and the Missed Liquidity Report. They contain historical, recipient-firm-only timestamps available on a T+1 basis and do not include real-time market data; the Missed Liquidity Report uses Exchange-determined timing not exceeding 1 millisecond after the first attempt and 100 microseconds before the first attempt.
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