Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a New Market Data Report

<NOTICE> SECURITIES AND EXCHANGE COMMISSION <DEPDOC>[Release No. 34-103707; File No. SR-CboeEDGA-2025-025]</DEPDOC> <SUBJECT>Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt a New Market Data Report</SUBJECT> <DATE>August 14, 2025.</DATE> Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Act”), <SU>1</SU> <FTREF/> and Rule 19b-4 thereunder, <SU>2</SU> <FTREF/> notice is hereby given that on August 5, 2025, Cboe EDGA Exchange, Inc. (the “Exchange” or “EDGA”) filed with the Securities and Exchange Commission (“Commission”) the proposed rule change as described in Items I and II below, which Items have been prepared by the Exchange. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. <FTNT> <SU>1</SU>  15 U.S.C. 78s(b)(1). </FTNT> <FTNT> <SU>2</SU>  17 CFR 240.19b-4. </FTNT> <HD SOURCE="HD1">I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change</HD> The Exchange proposes to amend Rule 13.8 (EDGA Book Feeds) to adopt an additional report as part of the existing Cboe Timestamping Service reports. The text of the proposed rule change is available on the Exchange's website ( <E T="03">http://markets.cboe.com/us/equities/regulation/rule_filings/edga/</E> ) and at the Exchange's Office of the Secretary. <HD SOURCE="HD1">II. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD> In its filing with the Commission, the Exchange included statements concerning the purpose of and basis for the proposed rule change and discussed any comments it received on the proposed rule change. The text of these statements may be examined at the places specified in Item IV below. The Exchange has prepared summaries, set forth in sections A, B, and C below, of the most significant aspects of such statements. <HD SOURCE="HD2">A. Self-Regulatory Organization's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change</HD> <HD SOURCE="HD3">1. Purpose</HD> The Exchange proposes to amend Rule 13.8 (EDGA Book Feeds) to adopt an additional report as part of the existing Cboe Timestamping Service reports. The Cboe Timestamping Service reports provide timestamp information for orders and cancels for market participants. More specifically, the Cboe Timestamping Service reports provide various timestamps relating to the message lifecycle throughout the exchange system. The first report that is currently offered—the Missed Liquidity Report—covers order messages and the second report—Cancels Report  <SU>3</SU> <FTREF/> —covers cancel messages. <FTNT> <SU>3</SU>  In connection with the offering of this new report, the Exchange proposes to modify the title of the current Cancels Report to Missed Cancels Report in order to provide clarity between the existing Cancels Report, and the new proposed All Cancels Report. </FTNT> The Exchange now proposes to introduce the All Cancel Report which is intended to supplement the existing Missed Cancels Report  <SU>4</SU> <FTREF/> by offering a comprehensive view of cancel behavior and messaging activity. In comparison to the existing Missed Cancels Report, the All Cancels Report will include all cancel-related messages sent by the subscriber, irrespective of whether the cancel attempt was successful or associated with a trade event. <FTNT> <SU>4</SU>  Id. </FTNT> These reports are optional products that will be available to all subscribers  <SU>5</SU> <FTREF/> and subscribers may opt to choose multiple reports, one report, or neither report. Corresponding fees will be assessed based on the number of reports selected. <SU>6</SU> <FTREF/> <FTNT> <SU>5</SU>  The Exchange notes that it is introducing a clarifying edit to the existing rule to include Sponsored Participants in connection with its recent filing (SR-CboeEDGA-2025-022), noting that a Sponsored Participant may now directly subscribe and be charged the corresponding fees accordingly (in contrast to the Member previously subscribing and passing along such data to the Sponsored Participant). </FTNT> <FTNT> <SU>6</SU>  The Exchange plans to submit a separate filing with the Commission pursuant to Section 19(b)(1) to propose fees for the All Cancels Report. </FTNT> The Exchange notes that the data included in the proposed report will be based only on the data of the market participant that opts to subscribe to the report (“Recipient Firm”) and will not include information related to any firm other than the Recipient Firm. The Exchange will restrict all other market participants from receiving another market participant's data. Additionally, the proposed report does not include real-time market data. Rather, the proposed report will contain historical data from the prior trading day and will be available after the end of the trading day, generally on a T+1 basis. Currently, the Exchange provides the Missed Liquidity and Missed Cancel Reports and now proposes to introduce the All Cancels Report in response to demand for additional data concerning the timeliness of all cancel-related messages sent by the subscriber, irrespective of whether the cancel attempt was successful or associated with a trade event. The Exchange believes the additional data points outlined below may help subscribing firms gain a better understanding about their interactions with the Exchange. The Exchange believes these reports will provide subscribing firms with an opportunity to learn more about better opportunities to improve order cancel success. The proposed report will also increase transparency and democratize information so that all subscribing firms that subscribe to the report have access to the same information on an equal basis. The current Missed Cancels Report provides liquidity response time details for orders that rest on the book where the subscribing firm receiving the report attempted to cancel that resting order or any other resting order within an Exchange-determined amount of time (not to exceed 1 millisecond) after receipt of the order that executed against the resting order and within an Exchange-determined amount of time (not to exceed 100 microseconds) before receipt of the order that executed against the resting order. For example, if a market participant sends in a cancel message, but an order resting on the Exchange order book was executed prior to the system processing the cancel message, the Missed Cancels Report can assist the market participant in determining by how much time that order missed being canceled instead of executing. <SU>7</SU> <FTREF/> <FTNT> <SU>7</SU>  For example, Participant A submits an order that is posted to the Exchange's Book and Participant B at some point thereafter submits a marketable order to execute against Participant A's resting order. Within 500 microseconds of submission of Participant B's order, Participant A sends a cancel message to cancel its resting order. Because Participant B's order is processed at the Matching Engine by the Exchange before Participant A's cancel message, Participant B's order executes against Participant A's resting order. The proposed Report would provide Participant A the data points necessary for that firm to calculate by how much time they missed canceling its resting order. </FTNT> In contrast, the proposed All Cancels Report provides a comprehensive view of cancel behavior and messaging activity when the subscriber is the originator of the cancel-related message. <SU>8</SU> <FTREF/> It is particularly useful for analyzing cancel patterns across all market scenarios, including those where no trade occurred. Cancel, cancel rejected, or purge/mass cancel records for the subscriber are included, regardless of their timing or relation to a trade. <FTNT> <SU>8</SU>  The report shall not include any trade records or aggressor information. </FTNT> The All Cancels Report will include the following data elements for cancels: (1) Message Type;  <SU>9</SU> <FTREF/> (2) Date; (3) Firm ID; (4) Session Sub ID; (5) Client Identifier;  <SU>10</SU> <FTREF/> (6) Cboe Order ID;  <SU>11</SU> <FTREF/> (7) Symbol; (8) Exchange System Timestamps;  <SU>12</SU> <FTREF/> (9) Matching Unit number;  and (11) Port Type. <SU>15</SU> <FTREF/> <FTNT> <SU>9</SU>  Represents if it was a cancel, mass cancel or purge, a cancel rejected, or a quote update cancel. </FTNT> <FTNT> <SU>10</SU>  The unique CIOrdID or MassCancelID assigned by the client. </FTNT> <FTNT> <SU>11</SU>  The Cboe Order ID is a unique reference number assigned by the Exchange. </FTNT> <FTNT> <SU>12</SU>  Includes Network Discovery Time (which is a network hardware switch timestamp taken at the network capture point); Order Handler NIC Timestamp (which is a hardware timestamp that represents when a BOE order handler server NIC observed the message); Order Handler Received Timestamp (which is software timestamp that represents when the FIX or BOE order handler has begun processing the order after the socket read); Order Handler Send Timestamp (which represents when the FIX or BOE order handler has finished processing the order and begun sending to the matching engine); Matching Engine NIC Timestamp (which is a hardware timestamp that represents when the target matching engine server NIC observed the message); and Matching Engine Transaction Timestamp (which is a software timestamp that represents when the matching engine has started processing an event). </FTNT> <FTNT> <SU>13</SU>  Represents the matching unit number. </FTNT> <FTNT> <SU>14</SU>  Flag to indicate whether a message was delayed due to message in flight limits ( <E T="03">i.e.,</E> a limit on the tota ━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━━ Preview showing 10k of 27k characters. 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