Stock Exchange Adds Fancy Clock Sync for Precise Trading Times
Published Date: 3/31/2026
Notice
Summary
Cboe EDGA Exchange just launched a new Clock Service that helps traders sync their clocks perfectly with the Exchange’s time. This means better accuracy in tracking orders and messages, helping everyone trade smarter and faster. The service is optional, open to all, and already effective as of March 17, 2026—no extra fees or delays announced yet!
Analyzed Economic Effects
5 provisions identified: 3 benefits, 2 costs, 0 mixed.
Optional Exchange Clock Service Launched
Cboe EDGA began offering an optional Clock Service effective March 17, 2026. The service is open to Members and non-Members and provides the Exchange's time signal (using White Rabbit and PTP) so subscribers can synchronize their primary clocks to the Exchange at up to sub-nanosecond precision via an included 1 Gbps Physical Port.
Hardware and Licensing Requirement
Participants that do not already have White Rabbit clock synchronization devices must acquire such devices and any necessary licenses from third-party vendors to use the Clock Service. The Exchange notes participants are responsible for procuring applicable license(s) as needed.
Included 1 Gbps Port, Sole Clock Use
The Clock Service includes a dedicated 1 Gbps Physical Port (one port covers the Exchange and its affiliated equities and options exchanges) that must be used solely to receive the Exchange's time signal and cannot be used for other purposes like order routing.
Future Fee Proposal Planned
The Exchange intends to submit a separate filing under Section 19(b)(1) to propose fees for the Clock Service. No fees are included in this filing, but the Exchange explicitly states it will propose fees in a later filing.
Nanosecond Timestamps for Acknowledgements
The Exchange will update its acknowledgement message time-of-receipt timestamps to nanoseconds by the end of March, enabling more granular time comparisons with subscriber timestamps. Subscribers (including those to optional reports under Rule 13.8(i)) will have access to these more granular timestamps for latency analysis.
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