Cboe Adds a Price Tag to Its New Exchange Clock
Published Date: 6/12/2026
Notice
Summary
Cboe C2 Exchange just launched a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re rolling out fees for this service but also offering a free trial to try it out. This affects anyone who wants precise timing data, whether they’re Exchange members or not.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 3 costs, 0 mixed.
Monthly Clock Service subscription fee
If you subscribe to Cboe's Clock Service, the Exchange charges $7,500 per month for the service. That monthly fee includes a single 1 Gbps physical port (which must be used only to receive the Clock Service signal and cannot be used for order routing), the service is optional, available to Members and non‑Members, and subscribers may cancel at any time.
Optional redundant connection monthly fee
If you want a backup Clock Service connection, Cboe charges $2,500 per month for each redundant 1 Gbps physical port. Firms may purchase multiple secondary connections, and monthly fees are prorated for mid-month subscriptions.
One-time HATI licensing setup fee
Firms that do not use Safran White Rabbit switches must pay a one-time High-Accuracy Timing IP Core (HATI) licensing setup fee of $5,000 for each physical connection. The one-time fee is charged per connection (for example, two connections would incur $10,000) and is not covered by any free trial.
30-day free trial for new subscribers
New subscribers who have never before subscribed to Cboe Clock Service receive a free 30-day trial that waives the $7,500 monthly Clock Service fee for the first 30 days. The free trial applies only to the Clock Service fee and does not waive the one-time $5,000 HATI setup fee or any fees for additional connections.
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Cboe Exchange just rolled out a new Clock Service that helps users sync their time systems for better trading accuracy. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get you started. This affects both members and non-members who want precise timing in their trading activities.