Nasdaq's New TNO Cross Connect: Plugging Traders into Speedy Data Dreams
Published Date: 3/19/2026
Notice
Summary
Nasdaq ISE 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 new service is effective immediately, with fees to be announced soon, so telecom providers and data users should get ready to plug in and power up!
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
All Telcos Must Use Nasdaq Cross Connect
If you are a telecommunications network operator (a TNO) that wants to connect to Nasdaq data center clients, you will be required to use the new TNO Cross Connect pathway inside Nasdaq's data center campus (NY11, NY11-4, and NY11-5). Nasdaq expects to implement the requirement during the second quarter of 2026.
Nasdaq Will Bill for Specific Cabling Component
Nasdaq will designate the cabling that runs from a telco's carrier cabinet to Nasdaq's distribution point as a billable connectivity service called "TNO Cross Connect," and will file a separate proposal to set installation and ongoing monthly fees (both currently listed as "TBD").
Standardized Nasdaq-Managed Connectivity for Customers
If you colocate or operate inside Nasdaq's data center campus, Nasdaq will use a standardized, Exchange-managed cabling path (from the telco carrier cabinet to the Nasdaq distribution point) called TNO Cross Connect. Nasdaq says this will improve transparency, oversight, auditing, and the integrity of connectivity, with implementation expected in the second quarter of 2026.
Equal Access Requirement for All TNOs
Nasdaq will make the TNO Cross Connect available to all telecommunications network operators on an equal, non‑discriminatory basis, and any TNO that wants to serve Nasdaq data center customers must connect through it.
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Previous: 2026-05340 — Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Expand the Exchange's Co-Location Services
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.
Next: 2026-05342 — Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Introduce TNO Cross Connect, a Colocation Telecommunications Carrier Connectivity Service
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.