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.
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
2026-10373 — 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!
2026-11810 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGX Exchange just rolled out a new Clock Service that helps users sync their time systems perfectly with the Exchange. Starting May 18, 2026, they’re charging fees for this service but also offering a free trial to get everyone on board. This affects both members and non-members who want precise timing for their trading activities.
2026-11812 — Self-Regulatory Organizations; Cboe EDGA Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe EDGA Exchange just rolled out a new Clock Service to help traders sync their time systems perfectly. Starting May 18, 2026, users can try it for free, but after that, there will be fees for using this handy tool. This change affects anyone who wants precise timing for trading and keeps things running smoothly.
2026-11809 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Adopt Fees for Its New Clock Service
Cboe BZX Exchange just rolled out a new Clock Service that helps users sync their time systems with the Exchange’s for better accuracy. Starting May 18, 2026, they’re charging fees for this service but offering a free trial to get everyone started. This affects both members and non-members who want precise timing for their trading activities.
Previous / Next Documents
Previous: 2026-05346 — Self-Regulatory Organizations; Cboe EDGX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Adopt a New Fee Waiver for Eligible Internal Distributors
Cboe EDGX Exchange is rolling out a new fee waiver for certain Internal Distributors, meaning eligible members won’t have to pay some usual fees. This change helps those who qualify save money right away, making trading on EDGX more affordable and attractive. The new waiver took effect immediately after filing on March 10, 2026.
Next: 2026-05348 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Amend Its Fee Schedule To Adopt a New Fee Waiver for Eligible Internal Distributors
Cboe BZX Exchange is rolling out a new fee waiver for certain Internal Distributors, meaning some folks who move trades within their own company can skip paying two specific fees. This change kicks in right away and could save money for eligible traders starting March 10, 2026. If you’re an Internal Distributor, this update makes trading a bit cheaper and smoother!