# 2026-22459: Four Exchanges, One Very Specific Report About Missed Liquidity 2026-22459, Self-Regulatory Organizations; Cboe C2 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, is a Federal Register notice from Securities and Exchange Commission published 2026-11-04, effective 2026-10-21; PRIA reads it as touching household money (as of 2026-11-05). - Canonical: https://policyrisk.com/federal-register/2026-22459 - As of: 2026-11-05 - Plain-text twin of the page above; the HTML and this file carry the same facts. ## Facts - Document number: 2026-22459 - Title: Self-Regulatory Organizations; Cboe C2 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 - Type: Notice - Agencies: Securities and Exchange Commission - Citation: 91 FR 69606 - Published: 2026-11-04 - Effective: 2026-10-21 - Comments close: not stated - Significant: no - Touches household money: yes - Regulation identifier numbers: none - Last updated: 2026-11-05 ## In one line Four Exchanges, One Very Specific Report About Missed Liquidity ## 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. ## Effects PRIA read - Missed Liquidity Report adds COA events: benefit, low. 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 C… - New COA price field shows executed price levels: benefit, low. 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 executi… - Report remains historical and Member-specific (no real-time): cost, low. 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: benefit, low. 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: benefit, low. 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 Canc… ## Related documents - [2026-21037](https://policyrisk.com/federal-register/2026-21037): Investment Company Cross Trading, 2026-10-15 - [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06 - [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21 - [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10 - [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04 - [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21 ## Sources - [2026-22459 on federalregister.gov](https://www.federalregister.gov/documents/2026/11/04/2026-22459/self-regulatory-organizations-cboe-c2-exchange-inc-notice-of-filing-and-immediate-effectiveness-of-a) - [2026-22459 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-11-04/pdf/2026-22459.pdf) ## Related - [Previous: 2026-22458, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immedi…](https://policyrisk.com/federal-register/2026-22458) - [Next: 2026-22460, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Im…](https://policyrisk.com/federal-register/2026-22460) - [All Federal Register documents](https://policyrisk.com/federal-register) Source: PRIA, https://policyrisk.com/federal-register/2026-22459 (as of 2026-11-05).