We have designed, constructed, and tested the overall performance of the electronic circuit for the two-way time transfer between two timing devices over modest distances with sub-picosecond precision and a systematic error of a few picoseconds. The concept of the electronic circuit enables to carry out time tagging of pulses of interest in parallel to the comparison of the time scales of these timing devices. The key timing parameters of the circuit are: temperature change of the delay is below 100 fs/K, timing stability time deviation better than 8 fs for averaging time from minutes to hours, sub-picosecond time transfer precision, and a few picoseconds time transfer accuracy.