Cboe BYX Adds Order Timestamp Report for Precise Trading
Published Date: 8/19/2025
Notice
Summary
Cboe BYX Exchange is adding a new report to its existing market data services that tracks important timestamps for orders and cancellations. This change helps traders and market participants get clearer, more detailed info about their trades. The new report is effective immediately and won’t change any fees right now.
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Analyzed Economic Effects
5 provisions identified: 3 benefits, 1 costs, 1 mixed.
New “All Cancels” market report
Cboe BYX is adding a new optional report called the All Cancels Report that provides comprehensive cancel-related message data for the subscribing firm. The Exchange filed the rule change on August 5, 2025, the Commission made it operative upon filing, and the Exchange proposed to introduce the report on August 25, 2025 (date may change).
Subscription fees will be charged later
The All Cancels Report is optional but the Exchange says corresponding fees will be assessed based on the number of reports a subscriber selects. The Exchange plans to file a separate rule change to propose the specific fees (no specific fee amounts are in this filing).
Report contains only your firm’s data
The All Cancels Report will include only the subscribing (Recipient Firm)'s cancel-related message data and the Exchange will restrict other market participants from receiving another firm's data. The report will also not include any trade records or aggressor information.
Report is historical (T+1), not real-time
The All Cancels Report will not include real-time market data; it will contain historical data from the prior trading day and generally be available on a T+1 basis (after the end of the trading day).
Sponsored participants can subscribe directly
The Exchange clarified that Sponsored Participants may directly subscribe to the Cboe Timestamping Service reports (including the All Cancels Report) and be charged corresponding fees directly, in contrast to prior practice where a Member might subscribe and pass data along.
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