Cboe C2 files clock service fee schedule with SEC

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Cboe C2 clock service fee

Highlights

Cboe C2 filed a proposed rule change on May 28, 2026, to implement a $7,500 monthly fee for its new Clock Service effective May 18, 2026.
The Clock Service requires a one-time $5,000 High-Accuracy Timing IP Core licensing setup fee per connection and offers a dedicated 1 Gbps port for time synchronization.
The SEC may suspend the rule change within 60 days if needed, while a free trial for all new subscribers aims to ensure non-discriminatory access.

Fee structure and service rollout

As reported by the Securities and Exchange Commission, Cboe C2 filed the proposed rule change on May 28, 2026, to adopt fees for its new Clock Service, with the fee schedule effective from May 18, 2026.

The exchange says the optional service is available to both members and non-members and lets subscribers synchronize their time-recording systems with the exchange for correlated latency measurements tied to the same message or order. Under the offering, participants receive White Rabbit time signals through a 1 gigabit per second physical port connected to the exchange's primary clock device.

Cboe C2 proposes a fee of $7,500 per month for the Clock Service itself. It is also proposing a one-time $5,000 High-Accuracy Timing IP Core licensing set-up fee for each physical connection, while noting that customers must obtain licensing where applicable.

Market context and regulatory implications

The exchange argues that time synchronization services are already established across the U.S. economy and infrastructure and says the product is not new to securities markets. It also points to a similar network time synchronization service offered by MIAX Emerald, framing the pricing as a competitive response rather than a unique market development.

The filing states that the service fee includes a dedicated 1 Gbps physical port used solely to receive the clock signal, and it also references a free trial for new subscribers. Cboe C2 says the trial applies equally to all new users and therefore is equitable and not unfairly discriminatory.

The rule change becomes effective under Section 19(b)(3)(A) of the Securities Exchange Act and Rule 19b-4. The SEC says it may temporarily suspend the change within 60 days if it determines that action is necessary in the public interest, for investor protection, or to further the purposes of the Act.

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