Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce an Exchange Clock Service
AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.
Cboe EDGX Exchange proposes to amend Rule 21.15 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, reducing inaccuracies of up to 30 nanoseconds that occur when both parties independently sync to GPS. This enables more precise latency measurements between a participant's systems and the Exchange's matching engine for orders, quotes, and messages. The service is similar to one already offered by MIAX Emerald and responds to participant demand for better timing accuracy in high-speed trading environments.
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Key Changes
- Amends Rule 21.15 to add new subsection (b)(9) describing the Clock Service
- Introduces optional Clock Service using White Rabbit and PTP over dedicated 1 Gbps Physical Port
- Enables sub-nanosecond time synchronization between participant and Exchange primary clocks
+ 3 more changes with Pro
Obligations
What this law requires
Cboe EDGX Exchange must amend Rule 21.15 to formally establish and define the Clock Service as an optional product available to both Members and non-Members
Cboe EDGX Exchange must provide Clock Service subscribers with a dedicated 1 Gigabit per second (Gbps) physical port connection to receive White Rabbit time signals from the Exchange's primary clock
Cboe EDGX Exchange must ensure its primary clock device synchronizes the Exchange's System, affiliated options and equities exchanges trading systems, timestamping devices, and servers using White Rabbit and PTP technology
Cboe EDGX Exchange must make the proposed rule change text available on the SEC's website, the Exchange's website, and at the Exchange's principal office for public examination
Clock Service subscribers must be capable of synchronizing their own primary clock devices to the Exchange's primary clock device using White Rabbit time signals delivered via the dedicated 1 Gbps physical port