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2025-01624 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Cboe Timestamping Service Which Is a Market Data Service Comprised of Two Distinct Market Data Reports
January 23, 2025
Type:Notice
Citation:90 FR 8065
Reading Time:about 6 minutes
The Securities and Exchange Commission is reviewing a proposed rule change by Cboe Exchange, Inc. The change involves the introduction of a new service called the Cboe Timestamping Service, which offers detailed timestamp information on orders, quotes, and cancels for market participants. This service includes two types of reports: the Missed Liquidity Report and the Cancels Report, both of which are optional and require separate fees. The Exchange has requested the Commission to allow the change to take effect immediately to offer these reports starting January 27, 2025, and the public is invited to submit comments until February 13, 2025.
Simple Explanation
Imagine a big market playground where people buy and sell toys. The playground wants to use a new fun tool to tell the exact time everyone buys, sells, or cancels a toy. But some of the rules to use this tool aren't clear, like how much it costs to play or which toy trades are counted. They're asking for ideas to make it better by a certain date.
2024-31506 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 21.15(b) (Exchange Data Products) To Adopt Cboe Timestamping Service, which is a Market Data Service Comprised of Two Distinct Market Data Reports
January 03, 2025
Type:Notice
Citation:90 FR 342
Reading Time:about 3 minutes
The Cboe BZX Exchange, Inc. has filed a proposed rule change with the Securities and Exchange Commission (SEC). The proposal aims to update Rule 21.15(b) by introducing the Cboe Timestamping Service. This service offers two market data reports that provide detailed timestamp information for orders and cancellations within the exchange: the Missed Liquidity Report and Cancels Report. The reports are optional and will be available to all members of the exchange, who will pay fees based on their selections. The SEC is inviting public comments on this proposal until January 24, 2025.
Simple Explanation
The Cboe BZX Exchange wants to start offering two new special reports that tell when orders and cancellations happen on their platform, sort of like special clocks that tell time for trades. People who use these reports have to pay, and the government wants to know what everyone thinks about this idea before January 24, 2025.
2024-31507 — Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Cboe Timestamping Service Which is a Market Data Service Comprised of Two Distinct Market Data Reports
January 03, 2025
Type:Notice
Citation:90 FR 364
Reading Time:about 3 minutes
The Cboe Exchange, Inc. submitted a proposal to the Securities and Exchange Commission to introduce the Cboe Timestamping Service, a market data service providing detailed timestamp information for orders, quotes, and cancellations. The service will consist of two reports: the Missed Liquidity Report and the Cancels Report, each optional for Cboe members. Members can choose to receive one or both reports and will be charged fees based on their selection. The SEC is inviting public comments on this proposed rule change until January 24, 2025.
Simple Explanation
Cboe Exchange wants to start a new service that tells you exactly when things happen on their market, like when someone decides to buy or sell, or when they change their mind. People can choose to get this information in special reports, but the details about how much it will cost and why it might be useful aren't very clear yet.
2025-01622 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 21.15(b) (Exchange Data Products) To Adopt Cboe Timestamping Service, Which Is a Market Data Service Comprised of Two Distinct Market Data Reports
January 23, 2025
Type:Notice
Citation:90 FR 8067
Reading Time:about 6 minutes
The Cboe EDGX Exchange, Inc. has proposed a rule change to the Securities and Exchange Commission to amend Rule 21.15(b) and introduce the Cboe Timestamping Service. This service includes two optional market data reports, the Missed Liquidity Report and the Cancels Report, which provide timestamp information about order and quote messages. The proposal has become effective immediately as it does not significantly impact investors or the public interest. Interested parties can submit comments on the proposal until February 13, 2025.
Simple Explanation
The Cboe EDGX Exchange has made a new rule that lets people get special reports with times when stock trades happen, but they don't say how much it costs. People have until February 13, 2025, to give their thoughts on this change.
2025-01620 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Rule 21.15(b) (Exchange Data Products) To Adopt Cboe Timestamping Service, Which Is a Market Data Service Comprised of Two Distinct Market Data Reports
January 23, 2025
Type:Notice
Citation:90 FR 8064
Reading Time:about 6 minutes
The Securities and Exchange Commission announced that the Cboe BZX Exchange is proposing a rule change to implement a new market data service called the Cboe Timestamping Service, which includes two reports: the Missed Liquidity Report and the Cancels Report. These reports will offer timestamp information on orders, quotes, and cancellations for market participants. The new service is optional, and members can choose to receive one, both, or neither report, with fees based on their selection. The rule change has been filed to become effective immediately, and the public is invited to comment on it.
Simple Explanation
The Cboe BZX Exchange wants to add a new service that helps people keep track of when things happen with their market orders, like when they make or cancel a trade. This service is like a special, optional report that costs money, but you can pick which parts you want to use.
2025-01615 — Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Cboe Timestamping Service Which Is a Market Data Service Comprised of Two Distinct Market Data Reports
January 23, 2025
Type:Notice
Citation:90 FR 8070
Reading Time:about 6 minutes
The Securities and Exchange Commission has announced a proposed rule change by Cboe C2 Exchange, Inc., which suggests the creation of the Cboe Timestamping Service. This new service is comprised of two optional market data reports: the Missed Liquidity Report for orders and quotes, and the Cancels Report for canceled orders. The proposed change, which does not impose significant burdens on competition or investors, was filed to immediately take effect, allowing these reports to be available from January 27, 2025. The public can offer comments on this proposal until February 13, 2025.
Simple Explanation
The Securities and Exchange Commission is letting people know about a new service from a company called Cboe C2 Exchange that will offer special reports to help understand trading activities, like why some orders didn't go through or why some were stopped. People can start using these reports soon and have until February 13, 2025, to tell the SEC what they think about it.
2024-31508 — Self-Regulatory Organizations; Cboe C2 Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Cboe Timestamping Service Which is a Market Data Service Comprised of Two Distinct Market Data Reports
January 03, 2025
Type:Notice
Citation:90 FR 346
Reading Time:about 3 minutes
The Cboe C2 Exchange, Inc. has submitted a proposed rule change to the Securities and Exchange Commission (SEC) to introduce a new service called the Cboe Timestamping Service. This service will provide two optional market data reports: the Missed Liquidity Report and the Cancels Report, offering timestamp information for orders, quotes, and cancels. The SEC is inviting comments from the public on this proposal by January 24, 2025. Members of the exchange can choose to purchase either one or both reports, and fees will be charged accordingly.
Simple Explanation
The Cboe C2 Exchange wants to start a new service that gives special data about market activities, like when things get bought or canceled, and they are asking people what they think about it.

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