Cboe Launches Clock Sync Service: Because Traders Need Big Brother Time?
Published Date: 3/31/2026
Notice
Summary
Cboe BZX Exchange just launched a cool new Clock Service that helps traders sync their clocks with the Exchange’s time. This means better accuracy when tracking orders and messages, making trading smoother for everyone involved. The service is optional, open to all members and non-members, and is effective immediately—no waiting around!
Analyzed Economic Effects
5 provisions identified: 2 benefits, 2 costs, 1 mixed.
Optional Exchange Clock Service Launched
Cboe BZX launched an optional Clock Service (filed March 17, 2026) that lets subscribers synchronize their primary clocks to the Exchange's primary clock using White Rabbit and Precision Time Protocol. The service is offered via a 1 Gbps connection and can provide synchronization at up to a sub-nanosecond level versus typical GPS-derived synchronization accuracy of about 30 nanoseconds.
Requires White Rabbit Hardware and Licenses
Some participants who subscribe will need a White Rabbit clock synchronization device and any required third‑party licenses that are not provided by the Exchange. The Exchange notes participants are responsible for procuring such devices and applicable license(s) from third‑party vendors.
Service Includes Dedicated 1 Gbps Port
The Clock Service includes a dedicated 1 gigabit per second (1 Gbps) Physical Port provided by the Exchange that must be used solely for the Clock Service and cannot be used for order routing. A subscribing participant needs only one 1 Gbps Physical Port to receive the service for the Exchange and its affiliated equities and options exchanges.
Exchange Will Propose Fees Separately
The Exchange intends to submit a separate filing under Section 19(b)(1) to propose fees for the Clock Service, meaning subscribers can expect the Exchange to charge for access once fees are approved.
Can Support Surveillance and Compliance Needs
Subscribers may use the Clock Service to assist with trade surveillance and to evaluate compliance with clock synchronization requirements (the filing cites use for compliance and Rule 4.6). The Exchange also notes subscribers can use granular timestamps to analyze and optimize their systems and trading models.
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