Federal Register #SR-CBOE-2026-049

SEC Notice: Proposed Fees for Cboe Exchange, Inc. Clock Service

The Securities and Exchange Commission (SEC) is announcing a proposed rule change regarding new fees for the Cboe Exchange, Inc. Clock Service. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEM and Vendor: - Cboe Exchange, Inc. (OEM and sole provider of the Clock Service) - Products/Services Requested: - Clock Service monthly subscription, providing time synchronization via a dedicated 1 Gbps physical port using White Rabbit time signals - $7,500 per month for the primary connection - Optional redundant connection available for $2,500 per month (additional 1 Gbps port) - One-time High-Accuracy Timing IP Core (HATI) license setup fee of $5,000 per physical connection (required for non-Safran White Rabbit-enabled devices) - Notable Requirements: - Service is available to both members and non-members - 30-day free trial for new subscribers - Each connection uses a dedicated 1 Gbps port exclusively for the Clock Service - HATI license required for certain hardware configurations (non-Safran White Rabbit-enabled devices) - Comparison: - MIAX Emerald, LLC is referenced as offering a similar service, but is not a vendor for this opportunity

Description

The Securities and Exchange Commission published a notice regarding a proposed rule change by Cboe 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 correlated 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 also proposed for new subscribers to evaluate the service.

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