2025-15739NoticeWallet

Cboe EDGA Launches New Order Timestamp Report

Published Date: 8/19/2025

Notice

Summary

Cboe EDGA Exchange is rolling out a new market data report to give traders extra timestamp info on their orders and cancellations. This update helps market participants track their trades more precisely, starting right away with no extra fees announced. If you trade or watch the market, this new report will make your data clearer and timing sharper!

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Analyzed Economic Effects

4 provisions identified: 2 benefits, 2 costs, 0 mixed.

New All Cancels Market Data Report

If you run a trading firm, Cboe EDGA adopted a new optional "All Cancels Report" (filed August 5, 2025) that gives detailed timestamps and cancel-message data about your own orders. The Exchange proposed to introduce the report on August 25, 2025 (this date may change), and the report includes specific fields like Firm ID, Cboe Order ID, multiple Exchange System Timestamps, Matching Unit number, and Port Type.

Subscription Fees Will Be Charged

The All Cancels Report is optional but the Exchange states that corresponding fees will be assessed based on the number of reports a subscriber selects. The Exchange plans to submit a separate filing with the Commission to propose the fees for the All Cancels Report.

Report Is Historical (T+1), Not Real-Time

The Exchange says the All Cancels Report does not include real-time market data and will contain historical data from the prior trading day, generally available after the close of trading on a T+1 basis. It is intended for post-trade analysis rather than real-time execution decisions.

Report Contains Only Your Firm's Data

The All Cancels Report will include only data based on the market participant that subscribes (the "Recipient Firm") and will not include information about other firms. The Exchange will restrict other market participants from receiving another firm's data.

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Key Dates

Effective Date
Published Date
8/5/2025
8/19/2025

Department and Agencies

Department
Independent Agency
Agency
Securities and Exchange Commission
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