Federal Register #SRCboeBZX2026050

SEC Notice: Cboe BZX Exchange Proposes Fees for New Clock Service

The Securities and Exchange Commission (SEC) is announcing a proposed rule change by Cboe BZX Exchange, Inc. to introduce fees for a new Clock Service for market participants. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - Cboe BZX Exchange, Inc. (OEM and service provider) - Safran (referenced as OEM for White Rabbit switches) - MIAX Emerald, LLC (referenced as provider of a similar service) - Products/Services Requested: - Cboe Clock Service: Monthly subscription for time synchronization, includes a 1 Gbps physical port ($7,500/month) - Redundant Clock Service Connection: Optional additional 1 Gbps port for redundancy ($2,500/month) - High-Accuracy Timing IP Core (HATI) License Setup: One-time setup fee per connection for non-Safran White Rabbit devices ($5,000) - Unique or Notable Requirements: - Service is optional and available to all market participants - 30-day free trial for new subscribers (excludes HATI license fee and redundant connection) - HATI license required for participants not using Safran White Rabbit-enabled devices - Each physical port is dedicated exclusively to the Clock Service signal - Fees are prorated for mid-month subscriptions, except for the one-time setup fee - Service enables precise latency measurement by synchronizing participant systems with the Exchange's primary clock

Description

The Securities and Exchange Commission published a notice regarding a proposed rule change by Cboe BZX Exchange, Inc. to adopt fees for its new Clock Service. This service allows subscribers to synchronize their time recording systems with the Exchange's primary clock for more precise latency measurements. The proposal includes a monthly fee for the service, optional ancillary fees for redundant connections, and a one-time licensing fee. A 30-day free trial is offered for new subscribers to test the service.

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