Stock Traders Get Direct Access to Timestamp Shenanigans
Published Date: 8/11/2025
Notice
Summary
Starting July 25, 2025, Cboe EDGX Exchange is letting sponsored participants buy Cboe Timestamping Service reports directly, making it easier and more flexible for them to get important order timing info. This change updates the fees and opens up direct access, helping traders and firms stay on top of their market moves without extra hassle.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 1 costs, 0 mixed.
Monthly Fee Structure and Billing Rules
The Cancels Report costs $1,000 per month. The Missed Liquidity Report is tiered at $1,500 per month for 1–10 subscribing Ports, $2,000 per month for 11–20 Ports, and $2,500 per month for 21 or more Ports. Mid-month subscriptions are prorated and fees are assessed on a look-back basis based on the maximum number of subscribing Ports a firm had in the prior calendar month.
Sponsored Participants Can Buy Reports Directly
Starting July 25, 2025, Sponsored Participants may subscribe to and be billed directly for Cboe Timestamping Service reports rather than receiving filtered data from their Sponsoring Member. The same fees that currently apply to Members will apply when a Sponsored Participant subscribes directly.
What the Reports Provide and Timing Limits
The two optional reports are the Cancels Report and the Missed Liquidity Report. They contain historical, recipient-firm-only timestamps available on a T+1 basis and do not include real-time market data; the Missed Liquidity Report uses Exchange-determined timing not exceeding 1 millisecond after the first attempt and 100 microseconds before the first attempt.
Personalized for You
How does this regulation affect your finances?
Personalize government policy and PRIA will tell you what this federal register document means for your household, plus every other regulation we track. PRIA reads each provision against your financial profile to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163, The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
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
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651, Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-16201, Joint Industry Plan; Order Granting Approval of the Twenty-Seventh Amendment to the National Market System Plan To Address Extraordinary Market Volatility To Establish Temporary Price Band Protections in Overnight Trading
Starting soon, stock markets will have new safety rules to keep prices steady during overnight trading, helping prevent wild price swings. This change affects all major U.S. stock exchanges and aims to protect investors by setting temporary price limits when trading happens outside regular hours. These protections will roll out in phases, making overnight trading safer without impacting normal market hours or costs.
2026-16101, Self-Regulatory Organizations; NYSE American LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Modify the NYSE American Options Fee Schedule To Amend the Manual Billable Rebate Program and Add a Credit Under the Firm Monthly Fee Cap
Starting August 3, 2026, NYSE American is updating its options fee schedule to rename and tweak the Manual Billable Program, swapping some rebates for a new bonus. They’re also adding a credit for Floor Brokers under the Firm Monthly Fee Cap, which could save some firms money. These changes mainly affect traders and firms using the Exchange’s options services.
Previous / Next Documents
Previous: 2025-15166, Agency Information Collection Activities; Policy for Evaluation of Conservation Efforts When Making Listing Decisions (PECE)
The U.S. Fish and Wildlife Service is renewing a paperwork process that helps them decide if conservation efforts are working before listing a species as endangered. This renewal won’t change anything or cost extra time or money. It mainly affects people and groups involved in protecting wildlife and making sure the rules stay clear and simple.
Next: 2025-15168, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule by Revising the Rate Associated With the Cross Asset Tier
Cboe BZX Exchange is changing the fees for its Cross Asset Tier starting August 1, 2025. This update affects traders using the BZX equities platform by adjusting the rates they pay, helping the Exchange stay competitive. If you trade on BZX, keep an eye on these new fees to understand how they might impact your costs.