Cboe C2 Adds Timestamp Report for Traders
Published Date: 8/19/2025
Notice
Summary
Cboe C2 Exchange is rolling out a new market data report to give traders better info on order and quote timings. This update affects Trading Permit Holders and kicks in right away, helping them track their trades more clearly without extra costs. The change aims to boost transparency and keep things running smoothly on the exchange.
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Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
New All Cancels Report for Trading Firms
Trading Permit Holders (TPHs) may subscribe to a new All Cancels Report that shows all cancel-related messages that a subscribing firm originated, including cancels, cancel rejects, and mass cancels. The report is historical (generally provided on a T+1 basis) and includes specific fields such as Message Type, Date, Recipient Firm ID, Client Identifier, Cboe Order ID, Symbol, Exchange System Timestamps, Matching Unit number, Queued flag, and Port Type.
Subscription Fees Will Be Assessed
The All Cancels Report is optional and the Exchange will assess fees based on the number of reports a firm selects; the Exchange plans to file a separate proposal to set those fees. Firms that choose to subscribe will need to pay the Exchange's fees once those fees are adopted.
Data Restricted to Your Firm Only
The All Cancels Report will contain only the subscribing (Recipient Firm)'s own message data and will not include any information about other firms; the Exchange will restrict other Trading Permit Holders from receiving a different firm’s data. The report also will not include any trade records or aggressor information.
Report Is Historical (Not Real-Time)
The All Cancels Report will not provide real-time market data; it will contain historical data from the prior trading day and generally be available on a T+1 basis. Because it is delayed, firms cannot use the report for immediate real-time execution decisions but can use it for post-trade analysis.
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