Self-Regulatory Organizations; Cboe C2 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 C2 Exchange proposes to offer an optional Clock Service that allows Trading Permit Holders (TPHs) and non-TPHs to synchronize their primary clocks directly with the Exchange's primary clock using White Rabbit time signals delivered over a dedicated 1 Gbps Physical Port. This service addresses inaccuracies of up to 30 nanoseconds that occur when both parties independently sync to GPS, enabling sub-nanosecond latency measurements between participant systems and the Exchange. The goal is to help participants better measure, analyze, and optimize network latency for orders and messages. The service is similar to one already offered by MIAX Emerald and does not provide trading data or new connectivity options beyond the included port.
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Key Changes
- Introduces optional Clock Service for direct synchronization of participant primary clocks to Exchange primary clock
- Delivers White Rabbit time signals via dedicated 1 Gbps Physical Port included with the service
- Enables sub-nanosecond latency measurements (improving on ~30 nanosecond GPS variance)
+ 3 more changes with Pro
Obligations
What this law requires
Cboe C2 Exchange must offer the Clock Service as an optional product available to both Trading Permit Holders (TPHs) and non-TPHs without mandatory participation
Cboe C2 Exchange must deliver White Rabbit time signals to Clock Service subscribers via a dedicated 1 Gigabit per second (Gbps) Physical Port
Cboe C2 Exchange must synchronize the Clock Service time signal with the Exchange's primary clock device that is used to timestamp orders and messages in the Cboe Trading System
Cboe C2 Exchange must include the 1 Gbps Physical Port as part of the Clock Service offering for participants to connect and receive the Exchange's time signal
Clock Service subscribers must acquire White Rabbit clock synchronization devices and optics from third-party vendors if they do not already have them in their networks