Cboe BZX Unveils New Timestamp Tool for Market Watchers
Published Date: 8/19/2025
Notice
Summary
Cboe BZX Exchange is adding a brand-new market data report to its existing data products, making it easier for traders and investors to get detailed timestamp info. This change kicks in right away and could help market participants track trades more precisely without extra costs. If you use Cboe’s data, this update is for you!
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
New All Cancels Market Data Report
Cboe BZX is adding an optional All Cancels Report to its Cboe Timestamping Service that Members may subscribe to. The report is intended to show all cancel-related messages originated by the subscribing firm (including cancel, cancel rejected, and mass/purge cancels) and is available to any Member that chooses to subscribe.
Subscription Fees Will Be Charged
The Exchange states that corresponding fees will be assessed based on the number of reports a Member selects; the Exchange plans to file a separate rule change proposing the fees for the All Cancels Report. Membership subscription is voluntary.
Delayed, Firm-Only Historical Data (T+1)
The All Cancels Report will provide historical data only (generally on a T+1 basis) and will not include real-time market data or any other firm's information. Each report will contain only the subscribing Member's own cancel-message data.
Implementation Timing and Immediate Effect
The Exchange indicated it intends to introduce the All Cancels Report on August 25, 2025 (subject to change), and the Commission waived the 30-day operative delay so the proposed rule change is operative upon filing (filed August 5, 2025). The Exchange will announce the implementation date by Exchange Notice.
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Key Dates
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
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!
2026-05635, Application of the Federal Securities Laws to Certain Types of Crypto Assets and Certain Transactions Involving Crypto Assets
Starting March 23, 2026, the SEC and CFTC are making it clear that some crypto assets and transactions must follow federal securities laws. This means crypto companies and investors need to play by new rules to keep things fair and safe. Expect more transparency and possible costs for compliance as the government steps up oversight in the crypto world.
Previous / Next Documents
Previous: 2025-15726, Certain New Chemicals; Receipt and Status Information for June 2025
The EPA received and reviewed new chemical submissions from June 1 to June 30, 2025, including notices about new chemicals, changes in use, and test marketing requests. Companies making or importing these chemicals need to stay updated, as the EPA is open for comments and keeps a close eye on safety. This helps protect people and the environment while keeping business moving smoothly.
Next: 2025-15728, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of VanEck Solana Trust Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
The SEC is taking more time to decide if the VanEck Solana Trust shares can be listed and traded on the Cboe BZX Exchange. This affects investors and traders interested in these new commodity-based trust shares. The decision delay means folks should stay tuned as the SEC carefully reviews the proposal, with no immediate money changes yet.