Cboe Launches Detailed Trading Activity Timestamp Report
Published Date: 8/20/2025
Notice
Summary
Cboe Exchange is rolling out a new market data report that shows exact times for orders, quotes, and cancellations. This helps traders and market watchers get clearer, faster info about trading activity. The change is effective immediately and aims to boost transparency without extra costs for users.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
New All Cancels Report Offered
Cboe is adopting a new optional All Cancels Report that shows all cancel-related messages originated by a subscribing Trading Permit Holder. The report will be historical (generally available on a T+1 basis) and the Exchange plans to make it available to all Trading Permit Holders who choose to subscribe.
Report Contains Specific Cancel Data Fields
The All Cancels Report will include data elements such as Message Type, Date, Recipient Firm ID, Session Sub ID, Client Identifier, Cboe Order ID, Symbol, Exchange System Timestamps (including NIC and matching engine timestamps), Matching Unit number, Queued flag, and Port Type. The report will not include trade records or aggressor information.
Report Is Firm-Only and Not Real-Time
The All Cancels Report will contain only the subscribing firm’s own data and will not include other firms’ data or real-time market data; it will provide historical data from the prior trading day (generally T+1).
Fees Will Be Proposed Separately
Cboe stated that corresponding fees will be assessed based on the number of reports a Trading Permit Holder selects and that the Exchange will submit a separate filing to propose fees for the All Cancels Report. The Exchange noted the report is voluntary and firms may choose to subscribe or not.
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