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.