Federal Register #SR-CboeBZX-2026-049

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

The Securities and Exchange Commission (SEC) is announcing a proposed fee schedule for the new Cboe BZX Exchange Clock Service, designed for precise time synchronization in trading environments. - Government Buyer: - Securities and Exchange Commission (SEC) - Division of Trading and Markets - OEMs and Vendors: - Cboe BZX Exchange, Inc. (service provider) - Safran (referenced for compatible White Rabbit-enabled switches) - Products/Services Requested: - Clock Service monthly subscription, providing a 1 Gbps physical port for time synchronization - $7,500 per month for the main service - Optional redundant connection for $2,500 per month (additional 1 Gbps port) - One-time $5,000 High-Accuracy Timing IP Core (HATI) licensing setup fee per physical connection (for users not using a Safran White Rabbit-enabled switch) - 30-day free trial for new subscribers - Unique/Notable Requirements: - Service is available to both members and non-members - Supports all eight Cboe exchanges - HATI licensing fee applies only if the subscriber does not use a Safran White Rabbit-enabled switch - Subscription fees are prorated for mid-month starts

Description

The Securities and Exchange Commission has filed a notice regarding Cboe BZX Exchange, Inc.'s proposed rule change to adopt fees for its new Clock Service. This service allows subscribers to synchronize their time recording systems with the Exchange's primary clock device for correlated latency measurements. The proposal includes a monthly fee for the Clock Service, an optional redundant connection fee, and a one-time licensing setup fee. A 30-day free trial for new subscribers is also proposed to encourage adoption.

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