Cboe C2 Adds Timestamp Report for Traders
Published Date: 8/19/2025
Notice
Summary
Cboe C2 Exchange is rolling out a new market data report to give traders better info on order and quote timings. This update affects Trading Permit Holders and kicks in right away, helping them track their trades more clearly without extra costs. The change aims to boost transparency and keep things running smoothly on the exchange.
Analyzed Economic Effects
4 provisions identified: 2 benefits, 1 costs, 1 mixed.
New All Cancels Report for Trading Firms
Trading Permit Holders (TPHs) may subscribe to a new All Cancels Report that shows all cancel-related messages that a subscribing firm originated, including cancels, cancel rejects, and mass cancels. The report is historical (generally provided on a T+1 basis) and includes specific fields such as Message Type, Date, Recipient Firm ID, Client Identifier, Cboe Order ID, Symbol, Exchange System Timestamps, Matching Unit number, Queued flag, and Port Type.
Subscription Fees Will Be Assessed
The All Cancels Report is optional and the Exchange will assess fees based on the number of reports a firm selects; the Exchange plans to file a separate proposal to set those fees. Firms that choose to subscribe will need to pay the Exchange's fees once those fees are adopted.
Data Restricted to Your Firm Only
The All Cancels Report will contain only the subscribing (Recipient Firm)'s own message data and will not include any information about other firms; the Exchange will restrict other Trading Permit Holders from receiving a different firm’s data. The report also will not include any trade records or aggressor information.
Report Is Historical (Not Real-Time)
The All Cancels Report will not provide real-time market data; it will contain historical data from the prior trading day and generally be available on a T+1 basis. Because it is delayed, firms cannot use the report for immediate real-time execution decisions but can use it for post-trade analysis.
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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: 2025-15734, Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Amendment No. 2 to a Proposed Rule Change To List and Trade Shares of the Grayscale Solana Trust Under NYSE Arca Rule 8.201-E (Commodity-Based Trust Shares)
NYSE Arca wants to list and trade shares of the Grayscale Solana Trust, a new way for investors to buy into Solana through the stock market. The SEC is reviewing this updated plan, which could open up fresh investment options soon. If approved, this move could shake up how people invest in cryptocurrency-related products on big exchanges.
Next: 2025-15736, Self-Regulatory Organizations; Nasdaq Stock Market LLC; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the 21Shares Dogecoin ETF Under Nasdaq Rule 5711(d) (Commodity Based Trust Shares)
The SEC is deciding whether to approve Nasdaq’s plan to list and trade shares of the 21Shares Dogecoin ETF, a new way to invest in Dogecoin through the stock market. This affects investors interested in cryptocurrency ETFs and could open up fresh trading options soon. The decision will come by August 17, 2025, and could impact how easily people buy and sell Dogecoin investments.