PHLX Joins the Co-Location Cash Grab for Speedy Trades
Published Date: 1/28/2025
Notice
Summary
Nasdaq PHLX is rolling out new fees for its expanded co-location services, which let traders place their computers closer to the exchange for faster trades. This change affects traders and firms using these services and takes effect immediately, meaning they’ll need to budget for these new costs right away. The SEC is open to feedback but has already given the green light to these fees.
Analyzed Economic Effects
2 provisions identified: 0 benefits, 2 costs, 0 mixed.
New Fees for Co-Location Services
Nasdaq PHLX is establishing new fees for its expanded co-location services that let traders and firms place computers closer to the exchange. If you are a trader or a firm that uses these co-location services, you will face new costs under the Exchange's fee schedule.
Fees Take Effect Immediately, Budget Now
The Exchange designated the proposed fee changes for immediate effectiveness when it filed on January 8, 2025, so traders and firms should budget for these new costs right away. The SEC is soliciting public comments on the filing with submissions requested on or before February 18, 2025.
Your PRIA Score
Personalized for You
How does this regulation affect your finances?
Sign up for a PRIA Policy Scan to see your personalized alignment score for this federal register document and every other regulation we track. We analyze your financial profile against policy provisions to show you exactly what matters to your wallet.
Key Dates
Department and Agencies
Related Federal Register Documents
2026-12163 — The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS
The SEC wants to scrap some old rules that stop stocks from being traded at worse prices and prevent confusing market quotes. This change affects stock traders and exchanges, aiming to simplify trading and possibly speed things up. If you want to share your thoughts, you’ve got until August 17, 2026, so don’t miss out!
2026-10373 — Registered Offering Reform
The SEC wants to make it easier and cheaper for more companies to sell their stocks and bonds to the public. They’re opening up special forms and benefits to more businesses, updating rules to be more modern, and cutting red tape by overriding some state rules. If you’re a company planning to raise money, these changes could speed things up and save you money, with feedback due by July 27, 2026.
2026-10222 — Enhancement of Emerging Growth Company Accommodations and Simplification of Filer Status for Reporting Companies
The SEC is making it easier for companies that report their finances by simplifying their categories into just two groups: big and small filers. Smaller companies, including emerging growth ones, will get more time to file reports and enjoy simpler rules, while big companies keep stricter standards. These changes aim to save time and money, with feedback open until July 20, 2026.
2026-07651 — Concept Release on Consolidated Audit Trail and Other Audit Trails and Data Sources
The SEC wants your thoughts on how it tracks stock market trades using the Consolidated Audit Trail and other data tools. They’re thinking about updating rules to keep up with new tech, privacy, and security needs, and to make sure the system is fair and cost-effective. If you’re involved in the stock market or data tracking, speak up by June 22, 2026!
2026-12252 — Self-Regulatory Organizations; MIAX PEARL, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the MIAX Pearl Options Exchange Fee Schedule To Establish Fees for the Trade-by-Trade Report
MIAX Pearl Options Exchange is adding new fees for their Trade-by-Trade Report starting now. Traders and firms who want this detailed report will pay a monthly subscription or a fee for one-time historical data requests, with discounts if they also buy related reports. This change helps the Exchange cover costs and keeps data access clear and fair.
2026-12259 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend the Exchange's Options Regulatory Fee (ORF)
Starting July 1, 2026, Nasdaq Texas is raising the fee traders pay when they trade options, called the Options Regulatory Fee (ORF). This change affects anyone trading options on Nasdaq Texas and updates how the fee is described to match other Nasdaq exchanges. The new fee kicks in right after the filing, so traders should get ready for a slightly higher cost soon!
Previous / Next Documents
Previous: 2025-01771 — Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for Its Expanded Co-Location Services
Nasdaq is rolling out new fees for its expanded co-location services, which let traders place their computers super close to Nasdaq’s servers for faster trades. This change affects anyone using these services and kicks in right away, so get ready to pay a bit more for that speedy edge. The SEC is open to feedback for the next 60 days, but the fees are already in effect!
Next: 2025-01773 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Permit TPHs To Opt Out of Systematic Adjustment of AIM Auction Price if Outside of NBBO Upon Receipt
Cboe EDGX Exchange just made a cool update letting Trading Permit Holders (TPHs) skip automatic price tweaks during AIM auctions if the price is outside the best market range when received. This change kicks in right away and gives traders more control over their auction prices, potentially speeding up trades without messing with fairness. If you’re a TPH, this means more flexibility and possibly better deals!