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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.
2024-31507 — 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.
2025-01413 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Cboe EDGX Exchange, Inc.; Cboe Exchange, Inc.; Cboe C2 Exchange, Inc.; Notice of Withdrawal of Proposed Rule Change To Adopt Cboe Timestamping Service
January 22, 2025
Type:Notice
Citation:90 FR 7715
Reading Time:about a minute or two
The Cboe BZX Exchange, Inc., Cboe EDGX Exchange, Inc., Cboe Exchange, Inc., and Cboe C2 Exchange, Inc. filed a proposal with the Securities and Exchange Commission to introduce the Cboe Timestamping Service, which is a type of market data service. This proposal was filed on December 13, 2024, under the provisions of the Securities Exchange Act of 1934, and it became effective immediately upon filing. However, the exchanges decided to withdraw their proposed rule changes on January 10, 2025. This decision was recorded by Sherry R. Haywood, the Assistant Secretary, on behalf of the Commission.
Simple Explanation
The Cboe stock exchanges wanted to create a new service that tells when market activities happen, but they changed their minds and decided not to go forward with it. The decision was officially noted by the people in charge.
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.

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