# 2025-15167: Stock Traders Get Direct Access to Timestamp Shenanigans

2025-15167, Self-Regulatory Organizations; Cboe EDGX 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, is a Federal Register notice from Securities and Exchange Commission published 2025-08-11, effective 2025-07-25; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-15167
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-15167
- Title: Self-Regulatory Organizations; Cboe EDGX 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
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 38683
- Published: 2025-08-11
- Effective: 2025-07-25
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

Stock Traders Get Direct Access to Timestamp Shenanigans

## 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.

## Effects PRIA read

- Sponsored Participants Can Buy Reports Directly: benefit, low. 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.
- Monthly Fee Structure and Billing Rules: cost, high. 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…
- What the Reports Provide and Timing Limits: benefit, low. 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 t…

## Related documents

- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21
- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2025-15167 on federalregister.gov](https://www.federalregister.gov/documents/2025/08/11/2025-15167/self-regulatory-organizations-cboe-edgx-exchange-inc-notice-of-filing-and-immediate-effectiveness-of)
- [2025-15167 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-08-11/pdf/2025-15167.pdf)

## Related
- [Previous: 2025-15166, Agency Information Collection Activities; Policy for Evaluation of Conservation…](https://policyrisk.com/federal-register/2025-15166)
- [Next: 2025-15168, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Im…](https://policyrisk.com/federal-register/2025-15168)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-15167 (as of 2026-06-08).