Nasdaq PHLX Clarifies Intrafirm Cabinet Rules
Published Date: 6/9/2026
Notice
Summary
Nasdaq PHLX is updating its rules to clearly include non-contiguous intrafirm cabinet connectivity as part of its fiber services and is adjusting the fees for this service. This change affects firms using Nasdaq’s cabinet connections and takes effect immediately, helping them understand costs better and plan accordingly. No big money surprises, just clearer rules and fees starting now!
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
Nasdaq-only Non-Contiguous Fiber Rule
If your firm uses Nasdaq PHLX data center halls, non-contiguous intrafirm cabinet fiber connectivity that traverses shared data center space must be obtained from Nasdaq; third parties will no longer be permitted to provide that intrafirm cabinet fiber within the Exchange's data center halls. The Exchange will furnish, monitor, and manage that connectivity and will inventory and audit the fiber as part of its direct administration.
New Monthly Charges for Cross-Connects
Nasdaq is changing pricing for non-contiguous intrafirm cabinet cross-connects: there will be no installation fee (listed as $0) and new ongoing monthly fees are $385.00 for one cross-connect, $450.00 for 6, $540.00 for 12, $630.00 for 18, and $720.00 for 24 cross-connects. The Exchange proposes to implement these changes on or about the second quarter of 2026.
Nasdaq's Fees Compared With NYSE
Nasdaq states its proposed monthly fees (e.g., $385/month for a single cross-connect and bundled monthly prices up to $720 for 24) are lower than NYSE's published fees, which the filing cites as a $500 initial charge plus $600/month for a single cross-connect and higher bundled monthly charges. Nasdaq also will not charge an installation fee while NYSE's schedule includes a $500 initial charge.
Adjacent Cabinet Cabling Stays Customer-Directed
Cabling between contiguous or adjacent cabinets licensed to the same customer that does not traverse shared data center space remains generally customer-directed and is not offered by the Exchange as a standalone connectivity service, and the Exchange does not assess a recurring fee for such contiguous cabling. If requested, the Exchange may provide installation assistance or cabling on an ancillary basis under its Custom Installation provision.
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Key Dates
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Previous / Next Documents
Previous: 2026-11478 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule General 8 Regarding Intrafirm Cabinet Connectivity
Nasdaq Texas is updating its rules to clearly include non-contiguous intrafirm cabinet connectivity as part of its fiber connectivity services. This change affects firms using these connections by adjusting the related fees, effective immediately. It’s a smooth move to keep tech connections clear and costs fair for all users.
Next: 2026-11480 — Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule General 8 Regarding Intrafirm Cabinet Connectivity
Nasdaq MRX is updating its rules to clearly include non-contiguous intrafirm cabinet connectivity as part of its fiber connectivity services and is changing the fees for this service. This affects firms using Nasdaq MRX’s network connections between their separate equipment cabinets. The new rule is effective immediately, so firms should check the updated fees and plan accordingly.