Cboe C2 Exchange adds Complex Order Auction data to Missed Liquidity Report

On October 21, 2026, Cboe C2 Exchange, Inc. filed a non-controversial proposed rule change under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4. The Securities and Exchange Commission published the filing in the Federal Register (Vol. 91, No. 212, pages 69606-69610; FR Doc No. 2026-22459; Release No. 34-106786; File No. SR-C2-2026-028) and announced immediate effectiveness.

The Exchange proposes to enhance the Missed Liquidity Report, a component of its Timestamping Service, by adding Complex Order Auction (COA) events as defined in Rule 5.33(d). A new price field will capture each price of the subscribing member's orders, modify messages, quotes, and every price level at which options orders were executed during a COA. No modifications are proposed for the Missed Cancels Report or the All Cancels Report.

The filing states that the Exchange is not proposing any fee increases for the Timestamping Service at this time. It plans to submit a separate filing to propose fees for the Missed Liquidity Report and Cancels Report pursuant to Section 19(b)(1).

The Missed Liquidity Report remains a historical, T+1 product that provides timestamp details for executions on the C2 Book, including message type, date, member identifiers, trade condition, auction ID, order and execution IDs, and a series of hardware and software timestamps as described in the filing. Access to the report is optional and limited to the subscribing member's own data; no real-time market data or other members' information is disclosed.