Cboe Opens Timestamp Reports to Sponsored Traders
Published Date: 8/8/2025
Notice
Summary
Starting July 25, 2025, Cboe BYX Exchange is changing its fees so that Sponsored Participants can buy Cboe Timestamping Service reports directly. This means more folks involved in trading can get important timing info on orders without going through others. The change makes access easier and keeps the fee setup fair and clear.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Existing Monthly Fees Apply to Buyers
The same monthly fees apply when Sponsored Participants subscribe directly: the Cancels Report is $1,000 per month and the Missed Liquidity Report is tiered at $1,500 (1–10 Ports), $2,000 (11–20 Ports), and $2,500 (21+ Ports). Fees are prorated for mid-month subscriptions and assessed on a look-back basis based on the maximum number of subscribing Ports in the prior calendar month.
Sponsored Participants Can Buy Reports
Starting July 25, 2025, Sponsored Participants may subscribe and be billed directly for Cboe Timestamping Service reports (the Cancels Report and the Missed Liquidity Report) instead of receiving filtered data from their Sponsoring Member. The reports are optional, may be canceled at any time, and contain only the subscribing firm’s historical data available after the trading day (generally on a T+1 basis).
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Department and Agencies
Related Federal Register Documents
2026-17183, Regulation Crypto Assets
The Securities and Exchange Commission ("Commission") is proposing new rules to create a tailored offering regime for certain investment contracts involving crypto assets. The proposed offering regime is intended to facilitate capital formation and accommodate innovation within the crypto asset markets while, at the same time, ensuring that investors are adequately protected and provided with the information they need to make informed investment decisions. The proposed rules would be set forth in a new regulation titled "Regulation Crypto Assets" and would include two exemptions from the registration requirements of section 5 of the Securities Act of 1933. The first exemption would permit offerings of up to $5 million during a four-year period. The second exemption would permit offerings of up to $75 million during each 12-month period. Under both exemptions, issuers would be required to make certain principles-based narrative disclosures available to their investors. In addition, issuers under the second exemption would be required to provide financial statements and would be subject to ongoing reporting requirements. Issuers that rely on these exemptions would remain subject to the antifraud and antimanipulation provisions of the Federal securities laws. The proposed rules also would include a conditional safe harbor from the term "investment contract" in the definitions of "security" in the Securities Act of 1933 and the Securities Exchange Act of 1934. If the conditions of that proposed safe harbor are satisfied, then a crypto asset would be deemed not to be subject to an investment contract for purposes of those definitions of "security."
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
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2026-10373, Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222, Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
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2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
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2026-17058, Self-Regulatory Organizations; Nasdaq ISE, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
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Next: 2025-15074, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Fees for Cboe Timestamping Service Reports To Allow Sponsored Participants To Purchase These Reports Directly
Starting July 25, 2025, Cboe BZX Exchange is changing its fees so that Sponsored Participants can buy Timestamping Service reports directly. This means more folks involved in trading can get these important time-stamped order details without extra hoops. The change makes access easier and keeps the fee setup fair and clear for everyone involved.