BZX Traders Beware: New Fees for Detailed Cancellation Drama
Published Date: 9/8/2025
Notice
Summary
Cboe BZX 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 and firms using the report and kicks in immediately as of August 25, 2025. If you rely on this data, expect a new cost but also better insights into market activity.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Monthly $1,500 All Cancels Fee
If your firm subscribes to Cboe BZX's All Cancels Report, the Exchange charges a monthly flat fee of $1,500 per Member. For mid-month subscriptions the fee will be prorated based on the subscription start date; this fee schedule is effective August 25, 2025. The report subscription is optional and a subscribing firm may cancel its usage at any time.
New Detailed Cancel Timestamp Data
Subscribing firms receive an All Cancels Report that includes cancel-related records (cancel, cancel rejected, purge/mass cancel) and specific data fields: Message Type; Date; Recipient Firm ID; Session Sub ID; Client Identifier; Cboe Order ID; Symbol; multiple Exchange System Timestamps (network, order handler, matching engine timestamps); Matching Unit number; Queued flag; and Port Type. The report does not include any trade records or aggressor information and is intended to give firms greater visibility into cancel messaging behavior.
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Previous: 2025-17103, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for the All Cancels Report
Starting August 25, 2025, Cboe EDGX Exchange is charging fees for its new All Cancels Report, which shows detailed timing info on canceled orders. This change affects traders and firms using the Cboe Timestamping Service, helping them track order activity better while paying a small new fee. The Exchange made this move to cover costs and keep the data service running smoothly.
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Big news! 24X National Exchange just joined the team that helps keep stock markets steady during wild ups and downs. This means 24X will follow special rules to prevent crazy price swings, starting right away—helping everyone trade smarter and safer. If you trade stocks or watch the market, this change could affect how prices move and how fast trades happen.