Cboe BZX Unveils New Timestamp Tool for Market Watchers
Published Date: 8/19/2025
Notice
Summary
Cboe BZX Exchange is adding a brand-new market data report to its existing data products, making it easier for traders and investors to get detailed timestamp info. This change kicks in right away and could help market participants track trades more precisely without extra costs. If you use Cboe’s data, this update is for you!
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Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
New All Cancels Market Data Report
Cboe BZX is adding an optional All Cancels Report to its Cboe Timestamping Service that Members may subscribe to. The report is intended to show all cancel-related messages originated by the subscribing firm (including cancel, cancel rejected, and mass/purge cancels) and is available to any Member that chooses to subscribe.
Subscription Fees Will Be Charged
The Exchange states that corresponding fees will be assessed based on the number of reports a Member selects; the Exchange plans to file a separate rule change proposing the fees for the All Cancels Report. Membership subscription is voluntary.
Delayed, Firm-Only Historical Data (T+1)
The All Cancels Report will provide historical data only (generally on a T+1 basis) and will not include real-time market data or any other firm's information. Each report will contain only the subscribing Member's own cancel-message data.
Implementation Timing and Immediate Effect
The Exchange indicated it intends to introduce the All Cancels Report on August 25, 2025 (subject to change), and the Commission waived the 30-day operative delay so the proposed rule change is operative upon filing (filed August 5, 2025). The Exchange will announce the implementation date by Exchange Notice.
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