All Cboe-affiliated U.S. Equities Exchanges have introduced the new Cboe Timestamping Service to provide market participants with additional order and cancel related timestamp information.

This service will enable Members to self-subscribe and receive timestamp information on a T+1 basis for select messages.

The Cboe Timestamping Service provides the following benefits:

• Enables insight into Member orders, modifies, and cancellation messages throughout Cboe’s exchange infrastructure.
• Enhances access and visibility into resting, displayed liquidity by quantifying latency reduction targets.

The new Cboe Timestamping Service will be available across two distinct reports, the Missed Liquidity Report and the Cancels Report. These reports will be available on a best-efforts T+1 basis by 7:00 a.m. ET.

The Missed Liquidity Report will detail the following:

• Order or modify records for the subscriber are included where at least one message sent by the subscriber is found within a 500 μs window of time after the Network Discovery Time of the aggressor as well as a 50 μs window of time before the Network Discovery Time of a trade aggressor order.
• Aggressor network discovery timestamp information, which can be compared with the same Network Discovery Time on the subscriber’s orders.