More Timestamp Reports Now Up for Grabs Directly
Published Date: 8/11/2025
Notice
Summary
Starting July 25, 2025, Cboe EDGA Exchange is changing its fees so that Sponsored Participants can buy Cboe Timestamping Service reports directly. This means more flexibility for those who track order times, with no extra hassle. If you’re a Sponsored Participant, you’ll now have a smoother way to get these important reports, helping you stay on top of your trading game.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
Monthly Prices for Timestamping Reports
The Cancels Report costs $1,000 per month. The Missed Liquidity Report uses tiers: $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; these same fees apply whether a Member or a Sponsored Participant subscribes.
Proration and Look-Back Billing Rules
Fees are prorated for mid-month subscriptions based on the subscription start date. Fees are assessed on a look-back basis using the maximum number of subscribing ports a firm had in the prior calendar month (for example, adding a port on September 27 after subscribing 10 ports earlier in the month results in a $2,000 charge for September).
Sponsored Participants May Buy Reports
If you are a Sponsored Participant, starting July 25, 2025 you may subscribe and be billed directly for Cboe Timestamping Service reports (the Missed Liquidity Report and the Cancels Report). Previously a Sponsoring Member had to buy the reports and filter out each Sponsored Participant's activity; the change lets Sponsored Participants request and receive their own report directly and cancel at any time.
What Reports Contain and When Available
The Cancels and Missed Liquidity Reports contain only the subscribing firm's own timestamp data (no data about other firms) and do not include real-time market data. The reports are historical, generally available on a T+1 basis (after the end of the trading day), and are optional products that a firm may choose to subscribe to or cancel at any time.
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