Federal Register #SR-CboeEDGA-2026-021

SEC Notice: Cboe EDGA Exchange Proposed Clock Service and Fee Structure

This opportunity concerns the SEC's notice of a proposed rule change by Cboe EDGA Exchange, Inc. to introduce and set fees for a new Clock Service for market participants. - Government Buyer: - U.S. Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - Cboe EDGA Exchange, Inc. (service provider) - Safran (manufacturer of White Rabbit switches) - MIAX Emerald, LLC (reference competitor with similar service) - Products/Services Requested: - Cboe EDGA Clock Service: Advanced time synchronization for market participants via a 1 Gbps physical port - $7,500/month for the primary service (includes port) - Optional redundant connection for $2,500/month (additional 1 Gbps port) - One-time $5,000 High-Accuracy Timing IP Core (HATI) licensing/setup fee per physical connection for users not employing Safran White Rabbit switches - 30-day free trial for new subscribers - Unique/Notable Requirements: - Service enables precise latency measurement by synchronizing participant clocks with the Exchange's primary clock - HATI licensing fee applies only to participants not using Safran White Rabbit-enabled switches - Service is optional and available to all market participants - Fees are prorated for mid-month subscriptions; licensing fee is not prorated - Service is similar to MIAX Emerald's offering, promoting competition and market quality

Description

The Securities and Exchange Commission (SEC) has published a notice regarding a proposed rule change by Cboe EDGA 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 fees for redundant connections, and a one-time licensing fee. A 30-day free trial for new subscribers is also proposed. The rule change aims to enhance market quality and competition by providing an optional, advanced time synchronization service to market participants.

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