Nasdaq PHLX Rolls Out Speedy Cross Connect for Traders
Published Date: 3/19/2026
Notice
Summary
Nasdaq PHLX is rolling out a new service called TNO Cross Connect that lets telecom companies connect directly inside its data center. This upgrade helps traders and tech teams get faster, smoother connections. The service is effective immediately, with fees to be announced soon, so anyone using the Exchange’s data center should get ready for a speed boost and new options.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
All Telco Providers Must Use TNO Cross Connect
Nasdaq PHLX will require all telecommunications network operators (TNOs) who want to connect with Nasdaq data center clients anywhere on the Exchange's NY11 campus to interface through the new TNO Cross Connect. The Exchange proposes to implement the offering throughout NY11 (as retrofitted), NY11-4, and NY11-5 with implementation anticipated during the second quarter of 2026.
Fees for TNO Cross Connect Will Be Filed Separately
Nasdaq will add TNO Cross Connect to its fee schedule with 'Installation Fee' and 'Ongoing Monthly Fee' shown as 'TBD' and will submit a separate filing to establish those fees. The filing cites a comparable NYSE service that charges a monthly Carrier Connection Fee of $1,150 as a reference point.
Standardized Nasdaq-Managed Connectivity for Clients
Nasdaq proposes a standardized, Exchange-managed cabling path (the TNO Cross Connect) that covers only the cabling from the telco carrier cabinet to the Nasdaq-provided distribution point. Nasdaq says this uniform, auditable pathway will enhance the integrity, transparency, oversight, and maintenance of connectivity inside the data center campus.
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