Effective trade date January 27, 2025, all Cboe-affiliated U.S. Options Exchanges are introducing the new Cboe Timestamping Service to provide market participants with additional quote, order and cancel related timestamp information, subject to regulatory review.

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

The Cboe Timestamping Service will provide the following benefits:

• Enables insight into Member and TPH quotes, orders, modifications, and cancellation messages throughout Cboe’s exchange infrastructure.
• Enhances access and visibility into resting, displayed liquidity and SUM Auction 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 5:00 p.m. ET.

The Missed Liquidity Report will detail the following:

• Quote Update, Order, or Modify records for the subscriber, where at least one message sent by the subscriber is found within a 500 μs window of time after and a 50 μs window of time before the Network Discovery Time of the aggressor order on a competitive trade event.
• Aggressor network discovery timestamp information, which can be compared with the same Network Discovery Time on the subscriber’s orders.
• Competitive trade events include SUM auctions as well as Complex and Simple book removal trade events.

Users may subscribe via the Customer Portal using the new Report Subscriptions app.

The Cancels Report will detail the following:

• Cancel rejected (including quote updates to cancel where no existing quote was found), or purge/mass cancel records for the subscriber, where at least one cancel-related messages sent by the subscriber is found within a 500 μs window of time after and a 50 μs window of time before the Network Discovery Time of a trade aggressor that executed against a resting, visible subscriber order.
• Cancellation events that were rejected because the cancellation message arrived too late and was unsuccessful in canceling a resting order which resulted in a trade.
• Aggressor network discovery timestamp information, which can be compared with the same Network Discovery Time on the subscriber’s cancellation messages.

Users may subscribe via the Customer Portal using the new Report Subscriptions app for a daily report by firm.

Effective immediately, a new Options Timestamping Service Specification is available in the Document Library section via the Customer Portal. This specification will contain additional information about the new Missed Liquidity and Cancels Reports.