Federal Register #SR-CboeBYX-2026-025

SEC Review of Cboe BYX Exchange Clock Service Fee Proposal

The Securities and Exchange Commission (SEC) is reviewing a proposed rule change from Cboe BYX Exchange, Inc. to establish fees for its new Clock Service, which provides precise time synchronization for trading participants. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEM/Vendor: - Cboe BYX Exchange, Inc. (OEM and service provider) - Products/Services Requested: - Clock Service subscription for time synchronization with the Exchange's primary clock - Includes 1 Gbps physical port connection - $7,500 per month for the main service - Optional redundant connection at $2,500 per month (additional 1 Gbps port) - One-time High-Accuracy Timing IP Core (HATI) license setup fee of $5,000 per connection for non-Safran White Rabbit-enabled devices - 30-day free trial for new subscribers (excludes HATI license and redundant connection fees) - Unique/Notable Requirements: - Service is designed for precise latency measurement and time synchronization - HATI license setup is required for devices not enabled with Safran White Rabbit technology - The offering covers all eight affiliated Cboe exchanges - The physical port is dedicated solely to receiving the clock signal - Service is compared to similar offerings from MIAX Emerald - No physical products are being procured; the opportunity is for a specialized subscription service with optional add-ons.

Description

The Securities and Exchange Commission has filed a proposed rule change by Cboe BYX 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 Clock Service includes a 1 Gbps physical port and optional ancillary fees for redundant connections and licensing. A 30-day free trial is offered for new subscribers, with fees effective immediately upon filing.

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