Four Exchanges, One Very Specific Report About Missed Liquidity
Published Date: 11/4/2026
Notice
Summary
Cboe C2 Exchange is upgrading its Missed Liquidity Report, part of the Cboe Timestamping Service, to give traders clearer and faster info about missed trading opportunities. This change helps traders make smarter moves and starts right away with no extra fees. Anyone using this service will benefit from better data to boost their trading game.
Analyzed Economic Effects
5 provisions identified: 4 benefits, 1 costs, 0 mixed.
Missed Liquidity Report adds COA events
If you subscribe to the Missed Liquidity Report, it will now include Complex Order Auction (COA) events related to your COA-eligible options orders, quotes, and modify messages. The report will show time details for your COA activity and for executions of other COA-eligible options resting on the Complex Order Book using the same Exchange time windows (not to exceed 1 millisecond after, and 100 microseconds before, the first attempt to execute).
New COA price field shows executed price levels
The Missed Liquidity Report will add a new price field that, for COAs clearing across multiple price levels, shows each price level at which COA-eligible orders executed and the price levels of the Recipient Member's orders, modify messages, and quotes. This helps you see whether missed COA executions were due to timing, price, or both.
Report remains historical and Member-specific (no real-time)
The enhanced Missed Liquidity Report will continue to provide only historical data for the prior trading day, generally on a T+1 basis, and will include only data specific to the Recipient Member (other participants' data will be anonymized). The report is not a real-time market data product.
No fee increases proposed now
The Exchange states it is not proposing any fee increases for the Cboe Timestamping Service at this time, although it plans a separate filing to propose fees for the Missed Liquidity Report and Cancels Report. No immediate fee increase is part of this rule change.
Enhanced report stays optional and equally available
The enhanced Missed Liquidity Report will remain an optional product equally available to all Exchange Members on the same terms; any Member that subscribes will automatically receive the COA data specific to its own orders on a T+1 basis. The Exchange is not changing the Missed Cancels or All Cancels Reports.
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Key Dates
Department and Agencies
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Previous / Next Documents
Previous: 2026-22458, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce Enhancements to the Missed Liquidity Report Offered as Part of the Cboe Timestamping Service
Cboe Exchange is upgrading its Missed Liquidity Report, part of the Cboe Timestamping Service, to give traders clearer and faster info about missed trading opportunities. This change helps traders better understand when their orders didn’t get filled, improving their market strategies. The new features are effective immediately, with no extra cost, making it a win for active traders and market pros.
Next: 2026-22460, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce Enhancements to the Missed Liquidity Report Offered as Part of the Cboe Timestamping Service
Cboe BZX Exchange is upgrading its Missed Liquidity Report, part of the Cboe Timestamping Service, to give traders better info on missed trading chances. This change helps market participants spot and act on missed liquidity faster, improving trading decisions. The update took effect right after filing on October 21, 2026, with no extra fees announced.