Cboe BZX Exchange Proposes Clock Service for High-Precision Time Synchronization
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
Cboe BZX Exchange is introducing an optional Clock Service that allows members and non-members to synchronize their primary clocks directly with the Exchange's clock using White Rabbit and PTP technology. This service delivers sub-nanosecond accuracy via a dedicated 1 Gbps physical port, addressing the roughly 30-nanosecond discrepancies that occur when both parties independently sync to GPS signals. The goal is to enable more precise latency measurements between a participant's systems and the Exchange's matching engine. Subscribers can use this to analyze network efficiency, optimize trading models, improve order routing, and support trade surveillance and regulatory clock compliance. The service does not provide trading data and does not change existing connectivity options.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Introduces optional Clock Service under new Rule 11.22(p) using White Rabbit and PTP protocols
- Provides sub-nanosecond time synchronization compared to current ~30 nanosecond GPS variance
- Includes dedicated 1 Gbps Physical Port as part of the Clock Service offering
+ 3 more changes with Pro
Obligations
What this law requires
Cboe BZX Exchange must amend Rule 11.22 to formally establish and document the Clock Service offering
Cboe BZX Exchange must provide Clock Service subscribers with access to a dedicated 1 Gbps Physical Port for receiving White Rabbit time signals from the Exchange's primary clock
Cboe BZX Exchange must deliver Clock Service time synchronization signals with sub-nanosecond accuracy via White Rabbit and PTP technology
Cboe BZX Exchange must make the Clock Service available as an optional product to both Members and non-Members
Cboe BZX Exchange must ensure the Clock Service does not provide trading data or change existing connectivity options