Cboe EDGA Pushes Back Timestamp Upgrade Deadline by Five Years
Published Date: 6/27/2025
Notice
Summary
Cboe EDGA Exchange is updating its rules to match a new SEC exemption that extends relaxed timestamp requirements until 2030. This change mainly affects traders and firms reporting trade data, giving them more time to comply without rushing costly system upgrades. The update is effective immediately, keeping things smooth and clear for everyone involved.
Analyzed Economic Effects
3 provisions identified: 3 benefits, 0 costs, 0 mixed.
Exemption Extended Through April 8, 2030
The Exchange amends Rule 4.10(a)(2) to replace the exemption expiration date of April 8, 2025 with April 8, 2030. This means the exemptive relief from certain CAT timestamp granularity provisions now remains in effect until April 8, 2030.
Truncate Sub‑Nanosecond Timestamps (Not Round)
Industry Members that capture timestamps more granular than nanoseconds must truncate timestamps after the nanosecond level for submission to the Consolidated Audit Trail (CAT), rather than rounding up or down. That truncation requirement will remain in effect through April 8, 2030.
Rule Change Effective Immediately Upon Filing
The Exchange filed the proposed rule change on June 18, 2025 and asked the Commission to waive the 30-day delay. The Commission designated the proposal to be operative upon filing, so the amended Rule 4.10 is effective immediately upon that filing.
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Previous / Next Documents
Previous: 2025-11883, Self-Regulatory Organizations; BOX Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Expiration Date in Rule 16060 (Consolidated Audit Trail-Time Stamps) To Be Consistent With the Exemptive Relief Granted by the Commission From Certain Provisions Related to Timestamp Granularity
BOX Exchange is updating a rule to extend the expiration date for how they record trade timestamps from April 2025 to April 2030. This change matches the SEC’s recent approval to keep using less detailed time stamps for now. Traders and firms using the Consolidated Audit Trail will see no immediate cost changes but get more time to follow the updated timing rules.
Next: 2025-11885, Self-Regulatory Organizations; Miami International Securities Exchange, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 1706, Consolidated Audit Trail Compliance Rule-Time Stamps, To Update the Expiration Date of the Exemption in Rule 1706(a)(2) From April 8, 2025 to April 8, 2030
Miami International Securities Exchange is updating a rule to extend a special exemption on how they track trade times from April 8, 2025, to April 8, 2030. This change affects traders and firms using the Exchange by giving them more time before stricter timestamp rules kick in. No extra costs are expected, just a smoother ride for compliance over the next five years.