# 2026-22460: Four Exchanges, One Very Specific Report About Missed Liquidity

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, 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/2026-22460
- As of: 2026-11-05
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2026-22460
- Title: 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
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 91 FR 69589
- 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 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.

## 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 so you can see time details for your COA-eligible options orders, quotes, and modify messages and for COA executions on the Complex Order Book (COB). The report applies the same time windows desc…
- New Price Field Shows Multi-Level COA Prices: benefit, low. The enhanced Missed Liquidity Report will include a new price field that shows each price level at which options orders were executed during a COA that cleared across multiple price levels, along with the subscribing Member's own price levels. This lets a subscribing Member see where their orders a…
- No Fee Increase Now; Fee Filing Planned: mixed, low. At the time of this filing (filed October 21, 2026), the Exchange is not proposing any fee increases for the Cboe Timestamping Service. The Exchange also states it plans to submit a separate rule filing to propose fees for the enhanced Cboe Timestamping Report.
- Report Is Historical, Recipient-Only, and Not Real-Time: cost, low. The Missed Liquidity Report (including the COA enhancements) is an optional, historical product provided generally on a T+1 basis and contains only data related to the subscribing Member's own messages; it does not provide real-time market data or identify other Members. The Exchange will restrict…

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## Sources
- [2026-22460 on federalregister.gov](https://www.federalregister.gov/documents/2026/11/04/2026-22460/self-regulatory-organizations-cboe-bzx-exchange-inc-notice-of-filing-and-immediate-effectiveness-of)
- [2026-22460 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2026-11-04/pdf/2026-22460.pdf)

## Related
- [Previous: 2026-22459, Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Imm…](https://policyrisk.com/federal-register/2026-22459)
- [Next: 2026-22461, Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and I…](https://policyrisk.com/federal-register/2026-22461)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2026-22460 (as of 2026-11-05).