Federal Register #SR-CboeBZX-2026-028

SEC Notice: Cboe BZX Exchange Clock Service Rule Change Proposal

This notice details a proposed rule change by Cboe BZX Exchange, Inc. to introduce a new Clock Service for market participants: - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - Cboe BZX Exchange, Inc. (service provider) - MIAX Emerald, LLC (referenced as offering similar services) - Products/Services Requested: - Clock Service for Time Synchronization - Utilizes White Rabbit and Precision Time Protocol (PTP) technologies - Allows subscribers to synchronize internal device clocks with the Exchange's systems - Supports latency measurement, trade surveillance, and compliance with clock synchronization requirements - Provided via a dedicated 1 Gbps physical port (no trading data or new connectivity options included) - Voluntary and available to all members and non-members - Unique or Notable Requirements: - Service is for enhanced time synchronization only; does not include trading data - Designed to help with regulatory compliance and operational accuracy - Similar services are available from MIAX Emerald, LLC - No specific product part numbers or purchase quantities are listed, as this is a service offering, not a procurement of goods.

Description

The Securities and Exchange Commission has published a notice regarding a proposed rule change by Cboe BZX Exchange, Inc. to amend Rule 21.15(b) to introduce the Exchange's Clock Service. This service aims to provide enhanced time synchronization for subscribers using White Rabbit and Precision Time Protocol technologies, enabling highly precise alignment of internal clocks with the Exchange's devices. The Clock Service is intended to assist market participants in latency measurements, trade surveillance, and compliance with clock synchronization requirements. The rule change is effective immediately upon filing and is available to all members and non-members on a voluntary subscription basis.

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