Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce an Exchange Clock Service
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Cboe EDGX Exchange proposes to amend Rule 13.8 to offer an optional Clock Service. This service allows members and non-members to synchronize their primary clocks with the Exchange's primary clock using White Rabbit and PTP technology delivered over a dedicated 1 Gbps physical port. The goal is to achieve sub-nanosecond time alignment, enabling more accurate latency measurements between participant systems and the Exchange. Currently, independent GPS synchronization can result in up to 30 nanoseconds of variance, which impacts latency calculations for high-speed trading. The service responds to participant demand for precision timing to optimize networks, improve trading models, and support trade surveillance and regulatory compliance.
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Key Changes
- Amend Rule 13.8 to introduce optional Clock Service using White Rabbit and PTP
- Provide dedicated 1 Gbps Physical Port as part of the Clock Service
- Enable sub-nanosecond time synchronization between participant and Exchange clocks
+ 3 more changes with Pro
Obligations
What this law requires
Amend Rule 13.8 to establish and implement the Clock Service offering, detailing service specifications, eligibility criteria, and operational procedures
Make the Clock Service available to both Members and non-Members on an optional basis
Provide a dedicated 1 Gigabit per second (Gbps) Physical Port to Clock Service subscribers for receiving White Rabbit time signals
Deliver time synchronization signals using White Rabbit and PTP (Precision Time Protocol) technology via the dedicated physical port to achieve sub-nanosecond time alignment
Maintain and make available the Exchange's primary clock as the time source for the Clock Service, synchronized to UTC via GPS signals