Federal Register #SR-CboeEDGX-2026-043

SEC Solicitation: Cboe EDGX Exchange Clock Service Subscription and Licensing Fees

The Securities and Exchange Commission (SEC), Division of Trading and Markets, is announcing a proposed rule change from Cboe EDGX Exchange, Inc. introducing fees for its new Clock Service. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - Cboe EDGX Exchange, Inc. (service provider) - Safran (manufacturer of White Rabbit switches) - Products/Services Requested: - Clock Service subscription for time synchronization with Exchange's primary clock - Includes 1 Gbps physical port - Monthly fee: $7,500 - Optional redundant Clock Service connection - Additional 1 Gbps port - Monthly fee: $2,500 - High-Accuracy Timing IP Core (HATI) license setup - One-time fee: $5,000 per physical connection - Required for participants not using Safran White Rabbit switches - Unique/Notable Requirements: - Service is available to both Members and non-Members - 30-day free trial for new subscribers (ancillary fees still apply) - HATI license required for certain hardware configurations - Service is similar to MIAX Emerald, LLC's offering - Designed for precise latency measurement and granular time synchronization - Monthly fees are prorated for mid-month subscriptions; one-time fees are not prorated

Description

This notice pertains to a proposed rule change by Cboe EDGX Exchange, Inc. to adopt fees for its new Clock Service. The Clock Service allows subscribers to synchronize their time recording systems with the Exchange's primary clock for correlated latency measurements. The service includes a monthly fee, optional redundant connection fees, and a one-time licensing fee for certain participants. A 30-day free trial is offered for new subscribers to evaluate the service.

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