Cboe BZX Rolls Out Enhanced Timestamp Service
Published Date: 8/19/2025
Notice
Summary
Cboe BZX Exchange is adding a new report to its Timestamping Service that helps market participants track order and cancel times more precisely. This change affects traders and firms using BZX’s data and starts right away with no extra fees announced. It’s all about giving users clearer, faster info to make smarter trading moves.
Analyzed Economic Effects
5 provisions identified: 3 benefits, 2 costs, 0 mixed.
New 'All Cancels' Market Data Report
The Cboe BZX Exchange is adding an optional All Cancels Report to its Timestamping Service that shows detailed cancel-related messages and timestamps (e.g., Message Type, Firm ID, Cboe Order ID, multiple Exchange system timestamps). The report is intended for subscribing market participants and will be available as historical data for the prior trading day (generally on a T+1 basis).
Subscription Fees Based on Reports Selected
The All Cancels Report is optional and the Exchange will assess fees based on the number of Timestamping Service reports a subscriber elects to receive. The Exchange stated it will submit a separate filing proposing the specific fees for the All Cancels Report.
Data Is Historical (T+1), Not Real-Time
The All Cancels Report will not include real-time market data; it will contain historical data from the prior trading day and will generally be available on a T+1 basis. It therefore cannot be used for real-time trading decisions.
Report Contains Only Your Firm's Data
The All Cancels Report will include only the subscribing (Recipient Firm)'s own cancel-related message data and will not include information related to any other firm. The Exchange will restrict other market participants from receiving another participant's data.
Sponsored Participants Can Subscribe Directly
The Exchange clarified that Sponsored Participants may directly subscribe to Timestamping Service reports (including the All Cancels Report) and be charged accordingly, rather than relying on a Member to subscribe and pass along data.
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