Federal Register #SR-CBOE-2026-026

SEC Proposed Rule: Cboe Exchange Clock Service for Time Synchronization

The Securities and Exchange Commission (SEC) is announcing a proposed rule change from Cboe Exchange, Inc. to introduce an optional Exchange Clock Service for market participants. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - Cboe Exchange, Inc. (primary vendor and service provider) - Products/Services Requested: - Exchange Clock Service - Optional service for time synchronization between participant systems and Cboe Exchange systems - Utilizes White Rabbit technology for sub-nanosecond latency measurements - Includes a dedicated 1 Gbps physical port exclusively for the Clock Service - No physical products or hardware are being procured; this is a service offering - Unique or Notable Requirements: - Service is voluntary and available to both members and non-members - Designed to improve latency measurement accuracy for trading activities and compliance - Supports trade surveillance and compliance with clock synchronization requirements - The 1 Gbps port is not used for order routing or other purposes - Service is similar to MIAX Emerald, LLC's network time synchronization offering, but includes a port usable across Cboe's affiliated equities and options exchanges - Place of Performance: - SEC headquarters, 100 F Street NE, Washington, DC (contracting office)

Description

The Cboe Exchange, Inc. has filed a proposed rule change to introduce a new optional Exchange Clock Service. This service allows members and non-members to synchronize their time recording systems with the Exchange's systems for highly correlated latency measurements related to the same message or order. The service includes a dedicated 1 Gbps physical port and aims to provide enhanced time synchronization to assist participants in trade surveillance and compliance with clock synchronization requirements. The proposal is intended to improve precision and accuracy in time synchronization within the securities market infrastructure.

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