Self-Regulatory Organizations; Cboe EDGA 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 EDGA Exchange proposes to amend Rule 13.8 to offer an optional Clock Service. This service allows members and non-members to synchronize their internal 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, eliminating up to 30 nanoseconds of timing discrepancy that occurs when both parties independently sync to GPS. This enables more accurate latency measurements between a participant's systems and the Exchange's matching engine. The service is similar to one already offered by MIAX Emerald and responds to participant demand for higher-precision timing tools used for network optimization, latency analysis, trade surveillance, and regulatory compliance.
AI-generated summary. May contain errors. Refer to official sources for legal decisions.
Key Changes
- Introduces optional Clock Service under new Rule 13.8(j)
- Provides White Rabbit + PTP time signals via dedicated 1 Gbps Physical Port
- Enables sub-nanosecond synchronization between participant and Exchange clocks
+ 3 more changes with Pro
Obligations
What this law requires
Cboe EDGA Exchange must amend Rule 13.8 to provide for the new Clock Service offering
The Clock Service must be made available as an optional product to both Members and non-Members of the Exchange
The Clock Service must deliver White Rabbit and PTP time signals via a dedicated 1 Gbps physical port to enable subscribers to synchronize their internal clocks with the Exchange's primary clock
The Exchange must use its primary clock synchronized to UTC via GPS as the time source for the Clock Service that feeds timestamping devices and servers within the Exchange's network
Subscribers to the Clock Service must receive a 1 Gbps Physical Port connection as part of the Clock Service offering to receive White Rabbit time signals from the Exchange