Cboe EDGX adopts fees for new clock synchronization service

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Cboe EDGX clock sync fees

Highlights

Cboe EDGX Exchange filed a proposed rule change on May 28, 2026, to introduce fees for its new Clock Service, effective May 18, 2026.
Subscribers pay $7,500 per month for the Clock Service and a one-time $5,000 High-Accuracy Timing IP Core setup fee if not using a White Rabbit-enabled Safran switch.
The Clock Service targets firms needing precise latency measurement in electronic trading, with Cboe EDGX asserting it will enhance market infrastructure competition.

Fee structure and regulatory filing

U.S. Securities and Exchange Commission published notice that Cboe EDGX Exchange filed a proposed rule change on May 28, 2026, to add fees for its new Clock Service, with the pricing effective from May 18, 2026. The optional service is available to both members and non-members and is intended to synchronize customer time-recording systems with the exchange's own signal for correlated latency measurements.

Under the proposal, subscribers pay $7,500 a month for the Clock Service, including a 1 Gbps physical port connection. The exchange is also introducing a one-time $5,000 High-Accuracy Timing IP Core licensing setup fee for participants that do not use a White Rabbit-enabled Safran switch, while new subscribers receive the first 30 days free.

Market function and exchange impact

The exchange says the service gives participants a more granular synchronization capability, which supports more precise measurement of latency across trading systems. That positioning ties the product to firms that need tighter timing alignment in electronic trading and market infrastructure operations.

Cboe EDGX says the rule change is consistent with the Securities Exchange Act of 1934, including provisions aimed at preventing fraudulent acts and promoting just principles of trade. The filing also argues the new service can strengthen competition among national securities exchanges by adding another infrastructure offering to the marketplace, although the SEC retains the power to temporarily suspend the change if it determines that doing so is necessary or appropriate in the public interest.

Our earlier report on the UK consolidated equities tape explained how the Financial Conduct Authority’s plan to aggregate trading data has triggered pushback from the London Stock Exchange Group over whether the tape should include pre-trade information or be limited to post-trade prints. The piece highlighted the commercial and market-structure stakes—transparency, exchange data revenues, and the growing share of equity trading happening away from lit venues—as the FCA approached a final decision timeline.

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Cboe EDGX adopts fees for new clock synchronization service

Highlights

Fee structure and regulatory filing

Market function and exchange impact

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