Nasdaq PHLX Chills Out with Liquid-Cooled Trading Cabinets
Published Date: 3/19/2026
Notice
Summary
Nasdaq PHLX is upgrading its co-location services by adding new cabinet and power options in its expanded data center, including a cool new liquid-cooled cabinet. This change affects traders and tech users who rely on fast, reliable access to the exchange’s systems. The new services are effective immediately, with fees to be announced soon, making it a hot upgrade for anyone wanting top-notch trading speed and power.
Analyzed Economic Effects
4 provisions identified: 4 benefits, 0 costs, 0 mixed.
New Liquid‑Cooled Cabinets in NY11-5
Nasdaq PHLX will offer a new Liquid‑Cooled Cabinet option only in its NY11-5 data center expansion starting on or about April 3, 2026. The cabinets let colocation customers deploy more computing power within the same cabinet space because liquid cooling dissipates heat more efficiently than air cooling.
New High‑Power Circuit Options
The Exchange will make two new higher‑power circuits available only for Liquid‑Cooled Cabinets in NY11-5: Phase 3 40 amp 415 volt and Phase 3 60 amp 415 volt. The filing also makes the existing five cabinet power options (Phase 1 20A/240V, 32A/240V, 40A/240V; Phase 3 20A/415V, 32A/415V) available in NY11-5; those five support roughly 5–23 kW while the higher‑power options support roughly 29–43 kW, and fees for these NY11-5 power options are listed as TBD (pending a fee filing).
Option to Use Customer‑Provided Cabinets
For the Liquid‑Cooled Cabinet service in NY11-5, customers may either use Nasdaq‑provided cabinets or supply their own cabinets. By contrast, traditional air‑cooled cabinets will continue to require Nasdaq‑provided cabinets.
Pre‑Ordering and Fees To Be Filed
Nasdaq will accept orders for Liquid‑Cooled Cabinets before opening NY11-5, but customers will not incur fees until the Exchange establishes fees and provides access for immediate use. The Exchange says it will submit a fee filing and anticipates granting access on or about April 3, 2026; fee columns for installation and ongoing monthly charges are marked TBD in the filing.
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