Cboe Exchange adopts fees for new clock synchronization service
Cboe Exchange is moving to monetize a new timing product designed to help trading firms align their internal clocks with the exchange’s systems. The fee change takes effect from May 18, 2026, and includes a 30-day free trial for new subscribers as the service is offered to both members and non-members.
Highlights
- Cboe Exchange filed with the SEC on May 28, 2026, to introduce monthly fees for its new Clock Service, announced for public comment on June 9, 2026.
- The Clock Service pricing includes $7,500 per month for the main service, $2,500 per month for redundancy, and a $5,000 one-time set-up fee per connection.
- Cboe's new time synchronization service targets both members and non-members, includes a 30-day free trial, and aims to boost trade latency precision across the market.
SEC filing outlines pricing structure
As reported by the Securities and Exchange Commission, Cboe filed the proposed rule change on May 28, 2026, to add fees for its new Clock Service, with the notice published on June 9, 2026, for public comment.The optional service lets subscribers synchronize their time recording systems with the exchange for correlated latency measurements between the exchange’s systems and their own. Cboe says participants can connect their primary clock devices to the exchange’s primary clock device through White Rabbit time signals delivered over a 1 gigabit per second physical port.
Cboe proposes three charges under the new schedule. The main Clock Service would cost $7,500 a month, a redundant Clock Service connection would cost $2,500 a month, and a one-time High-Accuracy Timing IP Core licensing set-up fee would be $5,000 for each physical connection.
Potential impact on market participants
The exchange says the product provides more granular time synchronization and is available to both members and non-members, widening its potential user base across the trading ecosystem. The 30-day free trial for new subscribers is intended to let firms test the service before committing to recurring fees.Cboe argues the proposal is consistent with the Securities Exchange Act of 1934 and says the service should provide necessary infrastructure to market participants. The exchange also says the offering may support market quality and competition among exchanges by improving timing precision for users that depend on latency measurement.
Our earlier coverage of the FCC’s proposed interconnection ban involving China Unicom and other Chinese telecom groups explained that the restrictions could disrupt cross-border carrier links and broader global communications traffic. We noted that the company warned the measures may raise connectivity and operational risks for U.S. businesses with major commercial and supply-chain exposure to China.
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