Stock Exchange Slaps Fees on Order Cancellation Snooping Report
Published Date: 9/9/2025
Notice
Summary
Cboe BZX Exchange is starting to charge fees for its new All Cancels Report, which shows detailed timing info about order cancellations. This change affects traders and firms using this data and took effect on August 25, 2025. If you rely on this report, expect a new cost when accessing it.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
New $1,000/month data fee
If your firm (a Member or Sponsored Participant) subscribes to the All Cancels Report, you will be charged a monthly flat fee of $1,000. This fee was adopted effective August 25, 2025 and applies to any subscribing firm.
Bundled price: both reports $1,500
If a subscribing firm wishes to purchase both the Missed Cancels Report and the All Cancels Report, the Exchange charges a bundled monthly flat fee of $1,500. The standalone Missed Cancels Report price remains $1,000, and the bundle pricing was adopted effective August 25, 2025.
All Cancels Report gives comprehensive cancel data
The All Cancels Report includes all cancel-related messages sent by the subscriber (cancel, cancel rejected, purge/mass cancel records) regardless of timing or relation to a trade, and it does not include any trade or aggressor information. This gives subscribing firms a more comprehensive view of cancel behavior across market scenarios.
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