Nasdaq GEMX Speeds Up Trading with New Cross Connect
Published Date: 3/19/2026
Notice
Summary
Nasdaq GEMX is rolling out a new service called TNO Cross Connect that lets telecom companies connect directly inside its data center. This change helps traders and firms get faster, smoother connections for their trading tech. The service is effective immediately, with fees to be announced soon, so anyone using GEMX’s data center should get ready for this upgrade.
Analyzed Economic Effects
3 provisions identified: 0 benefits, 3 costs, 0 mixed.
New TNO Cross Connect Service
Nasdaq GEMX is adding a service called “TNO Cross Connect” that covers the physical cabling from a telecommunications network operator’s carrier cabinet to the Nasdaq-provided distribution point inside its data center campus. The service will be offered throughout NY11 (as retrofitted), NY11-4, and NY11-5, and Nasdaq anticipates launching it during the second quarter of 2026.
Fees To Be Filed; NYSE Comparator
Nasdaq will add TNO Cross Connect to its fee schedule (Rule General 8, Section 1(b)) with installation and ongoing monthly fees listed as “TBD” now and plans to file a separate proposal to establish those fees. The filing cites a comparable NYSE carrier connection fee of $1,150 per month as an example of an established industry charge.
Mandatory Use by Telco Operators
All telecommunications network operators (TNOs) that want to connect with Nasdaq data center clients anywhere in the GEMX data center campus will be required to interface through the TNO Cross Connect. Nasdaq says the TNO Cross Connect will be available to all TNOs on an equal, non-discriminatory basis.
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