Self-Regulatory Organizations; Cboe 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 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
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 must make the Clock Service available as an optional product to both Members and non-Members on equal terms
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 must ensure Clock Service does not provide trading data or change existing connectivity options
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