Nasdaq Main Exchange Introduces TNO Cross-Connect Charges
Published Date: 6/29/2026
Notice
Summary
Nasdaq is setting new fees for its TNO Cross-Connect service, which helps telecom companies connect their cables inside Nasdaq’s data centers. This change affects telecom operators using Nasdaq’s facilities and starts right away, meaning they’ll now pay for this specific connection service. It’s a clear move to keep things fair and organized while covering costs.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 3 costs, 0 mixed.
New TNO Cross-Connect Fees
If you are a telecommunications network operator (TNO) using Nasdaq's data centers and you submit a new order on or about July 1, 2026, Nasdaq will charge a one-time installation fee of $550 and an ongoing monthly fee of $385 for each TNO Cross-Connect. Nasdaq currently does not charge for this service and will begin charging these fees when the service is implemented.
Existing Cross-Connects: Monthly Fee Applies
If you already have a TNO Cross-Connect installed as of the implementation date (on or about July 1, 2026), Nasdaq will not charge the $550 installation fee, but it will start charging the $385 monthly fee beginning on the implementation date. The installation fee will apply only to new installation orders submitted after implementation.
Fees Charged Per Connection
Nasdaq will treat each telco provider-to-customer cross-connect as a separate TNO Cross-Connect subject to the $550 installation fee (for new installs) and the $385 ongoing monthly fee. For example, if a telco provides three separate cross-connects for a single customer, each cross-connect will be charged these fees separately.
Nasdaq Fee Cheaper Than NYSE Alternative
Nasdaq's proposed $385 monthly fee per connection is $765 lower than NYSE's comparable $1,150 monthly charge (about 66.5% lower). Even with the $550 installation fee, Nasdaq's first-month cost of $935 would remain below NYSE's $1,150 recurring monthly charge.
Uniform Fees for All TNOs
Nasdaq will apply the same $550 installation fee and $385 monthly fee uniformly to all telecommunications network operators that connect to Nasdaq colocation customers, without differentiating by size, affiliation, volume, or other characteristics. The Exchange states the fees are intended to be applied on a non-discriminatory basis.
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Next: 2026-13017 — Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule General 8 Connectivity To Establish Fees for its TNO Cross-Connect Service
Nasdaq Texas is setting new fees for its TNO Cross-Connect service, which helps telecom companies connect inside its data center. This change affects anyone using this service and starts right away, so users should be ready to pay these new charges. It’s all about keeping connections smooth and fair while making sure the Exchange covers its costs.