2025-17102NoticeWallet

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.

Your PRIA Score

Score Hidden

Personalized for You

How does this regulation affect your finances?

Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.

Free to start

Key Dates

Effective Date
Published Date
8/25/2025
9/8/2025

Department and Agencies

Department
Independent Agency
Agency
Securities and Exchange Commission
Source: View HTML

Related Federal Register Documents

Previous / Next Documents

Back to Federal Register

Take It Personal

Get Your Personalized Policy View

Start a Free Government Policy Watch to see how policy affects your household, then upgrade to PRIA Full Coverage for year-round monitoring.

Already have an account? Sign in