Tick-Tock: Stock Exchange Rolls Out Official Clock Sync Service
Published Date: 3/6/2026
Notice
Summary
Cboe BZX Exchange just launched its new Clock Service, letting traders sync their clocks with the Exchange’s time for super accurate trade timing. This optional tool helps everyone—members and non-members—track trades with better precision, starting right away with no extra fees announced. It’s a smart move to keep trading fair and fast in today’s speedy markets!
Analyzed Economic Effects
7 provisions identified: 5 benefits, 2 costs, 0 mixed.
Sub-Nanosecond Sync Improves Latency Measurement
The Clock Service uses White Rabbit and Precision Time Protocol to let subscribers synchronize their primary clocks with the Exchange up to a sub-nanosecond level. You can then measure latency between your system and the Exchange more precisely to analyze and potentially optimize trading models and network routing.
Optional Clock Service Available to All Participants
The Exchange is offering an optional Clock Service that is available to Members and non-Members alike. You can choose to subscribe or not; the service is voluntary and the Exchange says any interested participant may subscribe.
Included 1 Gbps Port for Precision Time
Subscribers receive a dedicated 1 gigabit-per-second (1 Gbps) Physical Port from the Exchange to get White Rabbit time signals; that port is included as part of the Clock Service and must be used solely for the Clock Service (it cannot be used for order routing). One 1 Gbps port will serve the Exchange and its affiliated equities and options exchanges.
Third-Party White Rabbit Hardware Required
Some subscribers will need to acquire White Rabbit clock synchronization devices, optics, or licenses from third-party vendors to use the Exchange's Clock Service. The Exchange notes participants are responsible for procuring any applicable licenses or equipment.
Tool for Surveillance and Clock-Compliance
Subscribers may use the Clock Service to support trade surveillance and to evaluate compliance with clock synchronization requirements (for example, Rule 4.6). The Exchange states the service can assist participants in assessing whether their clocks and timestamps meet synchronization standards.
Fees Will Be Proposed Separately
The Exchange says it intends to submit a separate filing under Section 19(b)(1) to propose fees for the Clock Service; no fee schedule for the Service is included in this filing. That means costs to subscribe may be proposed in a later, separate rule filing.
Nanosecond Timestamps Coming End of March 2026
The Exchange currently timestamps receipts in microseconds but intends to update its time-of-receipt acknowledgements to nanoseconds by the end of March 2026. This will provide more granular Exchange-generated timestamps for participants to analyze.
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