Update - Cboe U.S. Exchanges Introduce New Cboe Clock Service

Reference ID: C2026051802

Applicable Cboe Exchanges: BYX Equities, BZX Equities, EDGA Equities, EDGX Equities, BZX Options, Cboe Options, C2 Options, EDGX Options, CFE

Overview

Effective immediately, Cboe will introduce the new Cboe Clock Service to allow market participants to align their infrastructure directly to Cboe's market clock.

Technical Details

The new Cboe Clock Service is available in the Equinix NY4 and NY5 data centers. The Cboe Clock Service will provide the following benefits:

  • Exchange-aligned, resilient timing to support trading, compliance, and operational workflows
  • Synchronization directly to a Cboe-aligned reference, reducing timing risk and ambiguity
  • Consistent, high-quality time across critical systems in support of regulatory and operational requirements

The new Cboe Clock Service uses White Rabbit technology to deliver sub-microsecond time accuracy and nanosecond-level synchronization precision via dedicated fiber connections. The service compliments Cboe's timestamping and reporting products by aligning users' internal clocks with exchange side timestamps.

A single subscription to the Cboe Clock Service allows users to synchronize their systems across all Cboe markets available in NY4 and NY5. The service is not available for disaster recovery.

A Cboe Clock Service subscription includes a 1 GB physical port connection to receive the service. Users can order the Cboe Clock Service through the Physical Connection Request Tool located in the Cboe Customer Web Portal.

Please note that the use of the Cboe Clock Service does not relieve securities Industry Members from the clock synchronization requirements under the Consolidated Audit Trail (CAT) Compliance Rule. For more information on clock synchronization requirements, see Cboe Options/C2 Options Rule 7.21 and BYX/BZX/EDGA/EDGX Rule 4.6, as well as the CAT resources linked below.

Fees (UPDATED)

The Cboe Clock Service is offered as a monthly subscription per 1 GB physical port connection, subject to regulatory review.

Users may obtain additional Cboe Clock Service connections for redundancy or other purposes which would be subject to an additional fee.

There is a one-time High-Accuracy Timing IP core (HATI) license fee for those users that will be connecting to the service from something other than a White Rabbit (WR) switch from Safran Group (https://safran-navigation-timing.com/).

Table 1. Cboe Clock Service Fees
ItemPrice
Cboe Clock Service Subscription (Also includes a single 1 GB physical port connection to receive the service.) $7,500 per month
Additional Cboe Clock Service Connection (Optional 1 GB physical port connection. Fee is applicable to each additional connection.) $2,500 per month
High-Accuracy Timing IP Core (HATI) Set-Up Fee (Fee required to enable HATI for each physical connection that does not use a Safran White Rabbit switch.  Fee is applicable to each subscriber physical connection.) $5,000 per connection
First-time subscribers to a Cboe Clock Service subscription are eligible for a free trial and will not be charged the $7,500 monthly subscription fee for the first 30 days of the subscription. Billing for the subscription will commence if a subscriber does not cancel the subscription prior to the end of the 30-day trial period. The free trial does not apply to (i) any additional Cboe Clock Service connections or (ii) to the one-time HATI set-up fee per connection, if applicable.

Additional Information

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Resources

For more information, please refer to the following:

Contact Information

Please contact the Cboe Trade Desk for support or with any questions.

Cboe Trade Desk: 913.815.7001 | [email protected]