Nasdaq Clarifies Cabinet Connection Pricing Rules
Published Date: 6/9/2026
Notice
Summary
Nasdaq GEMX is updating its rules to clearly include non-contiguous intrafirm cabinet connections as part of its fiber connectivity services. This change affects firms using these connections by adjusting the related fees, making the rules clearer and the pricing more transparent. The new rule takes effect immediately, so firms should review the changes and plan accordingly.
Analyzed Economic Effects
5 provisions identified: 1 benefits, 2 costs, 2 mixed.
New Monthly Fees for Cross-Connects
GEMX replaces the prior option (installation fee $550 and no monthly fee) with no installation fee and ongoing monthly charges for non-contiguous intrafirm cabinet cross-connects: $385.00 for one cross-connect; bundled monthly pricing of $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 fee changes on or about the second quarter of 2026.
GEMX Fees Lower Than NYSE Benchmark
GEMX states its proposed monthly fees are lower than NYSE's comparable charges: for a single cross-connect GEMX proposes $385/month (no installation fee) versus NYSE's $600/month plus a $500 initial charge; GEMX's bundled monthly fees (6, 12, 24) are also lower than NYSE's listed monthly bundles. GEMX uses this comparison to justify reasonableness of its fees.
Exchange-Administered Fiber; Third Parties Barred
As of approximately the second quarter of 2026, all non-contiguous intrafirm cabinet connectivity within GEMX data center halls will be furnished, monitored, and managed directly by the Exchange, and third parties will no longer be permitted to provide that intrafirm cabinet fiber connectivity within those data center halls. The Exchange will inventory and audit the fiber it supplies for these connections.
Intrafirm Cabinet Connectivity Reclassified
Nasdaq GEMX now expressly lists non-contiguous intrafirm cabinet connectivity as a subset of its Fiber service under Rule General 8, Section 1(b). Customers would no longer have the option to order that service under the Custom Installation provision (Rule General 8, Section 1(d)).
Immediate Effect and Short Planning Window
The proposed rule change became effective upon filing (filed May 22, 2026) and GEMX plans to implement the changes on or about the second quarter of 2026; the SEC may temporarily suspend the change within 60 days of filing. Firms using GEMX data center connectivity should review the rule and plan for new fee and provisioning rules promptly.
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