Business & Commerce

Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Introduce an Exchange Clock Service

🇺🇸United States··Notice·Medium Impact·View source ↗

AI-generated summary for informational purposes only. Not legal advice. See the original source for the authoritative text.

🇬🇧 English

Cboe Exchange proposes to launch an optional Clock Service that lets members and non-members synchronize their primary clocks directly to Cboe's primary clock using White Rabbit time signals delivered over a dedicated 1 Gbps physical port. The goal is to achieve sub-nanosecond time alignment instead of the roughly 30-nanosecond variation 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 does not provide trading data, does not change connectivity options, and is similar to an existing service offered by MIAX Emerald. It responds to participant demand for precise timing tools used for network optimization, performance analysis, trade surveillance, and regulatory clock synchronization compliance.

AI-generated summary. May contain errors. Refer to official sources for legal decisions.

Key Changes

  • Introduces optional Clock Service for direct synchronization to Cboe's primary clock using White Rabbit signals
  • Provides 1 Gbps Physical Port as part of the Clock Service package
  • Achieves sub-nanosecond time alignment compared to ~30 nanosecond GPS variance

+ 3 more changes with Pro

Obligations

What this law requires

high

Cboe Exchange must provide the Clock Service via White Rabbit time signals delivered over a dedicated 1 Gbps physical port to synchronize subscribers' primary clocks with the Exchange's primary clock

Cboe Exchange, Inc.
operational
high

Cboe Exchange must make the Clock Service available as an optional product to both Members and non-Members on equal terms

Cboe Exchange, Inc.
operational
high

Cboe Exchange must use its primary clock (synchronized via White Rabbit and PTP) as the authoritative time source for timestamping orders and messages in the Cboe Trading System

Cboe Exchange, Inc.
operational
medium

Cboe Exchange must ensure Clock Service does not provide trading data or change existing connectivity options

Cboe Exchange, Inc.
prohibition
medium

Cboe Exchange must make the proposed rule change text available on the SEC website, the Exchange's website, and at the Exchange's principal office

Cboe Exchange, Inc.
disclosure

Affected Parties

Cboe Exchange membersNon-member market participants+3 more…

Tags

clock synchronization,latency measurement,White Rabbit