Cboe BYX proposes clock service fees for exchange time synchronization
The U.S. equities market infrastructure group is moving to formalize pricing for a new service aimed at improving how participants align their systems with exchange time records. The proposal sets a $7,500 monthly fee and a $5,000 one-time setup charge, while also offering new subscribers a 30-day free trial.
Highlights
- Cboe BYX Exchange filed a proposed rule change on May 28, 2026, introducing fees for its new Clock Service to the SEC.
- The Clock Service will charge subscribers $7,500 per month plus a one-time $5,000 setup fee, with the first 30 days free for new users.
- The service provides 1 Gbps physical port synchronization, enabling more accurate latency measurement and timing consistency for trading participants.
Fee plan and service structure
As reported by the Securities and Exchange Commission, Cboe BYX Exchange filed the proposed rule change on May 28, 2026, and the regulator released notice of it on June 9, 2026. The filing covers fees for the exchange's new Clock Service, which is designed to let participants synchronize their time-recording systems with those of the exchange.The service is intended to support more accurate latency measurement for firms connected to the venue. Under the proposal, subscribers would pay $7,500 per month, along with a one-time $5,000 setup fee tied to licensing requirements.
Market utility for trading participants
The proposed Clock Service also includes a 1 Gbps physical port to support synchronization. Cboe BYX is offering the first 30 days free for new subscribers as it seeks to encourage firms to test the service.The exchange says the offering responds to participant demand for more precise clock synchronization options. For trading firms and other market users, the service could help tighten operational timing consistency in an area that affects monitoring of order handling and latency.
In our earlier article on the UK consolidated equities tape debate, we covered how the London Stock Exchange Group pushed back against the Financial Conduct Authority’s plan to reshape market data access. The discussion focused on whether the tape should include pre-trade information alongside post-trade data, and how that choice could affect transparency, competition, and exchanges’ market-data revenues. The piece also noted that a growing share of UK equity trading is taking place away from lit venues, adding urgency to the regulator’s July decision.
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