Cboe C2 Charges for Cancel Chaos: Traders Foot the Data Bill
Published Date: 9/8/2025
Notice
Summary
Cboe C2 Exchange is starting to charge fees for its new All Cancels Report, which shows detailed timing info on orders and cancellations. This change affects traders who use the Cboe Timestamping Service and kicks in immediately as of August 25, 2025. If you’re a Trading Permit Holder, expect to pay for this helpful new data starting now!
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Monthly $1,500 Fee for Report
Trading Permit Holders (TPHs) who subscribe to the new All Cancels Report must pay a monthly flat fee of $1,500, effective August 25, 2025. If a subscription starts mid-month, the fee will be prorated based on the subscription start date.
All Cancels Report: New Detailed Cancel Data
The Exchange is offering a new All Cancels Report (available to TPHs) that lists cancel-related messages originated by the subscriber, including cancel, cancel rejected, and purge/mass cancel records regardless of timing or whether a trade occurred. The report includes these data elements: Message Type; Date; Recipient Firm ID; Session Sub ID; Client Identifier; Cboe Order ID; Symbol; Exchange System Timestamps (multiple timestamp types); Matching Unit number; Queued flag; and Port Type. The report will not include any trade records or aggressor information.
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