Nasdaq PHLX Begins Billing for Cross-Connect Service
Published Date: 6/29/2026
Notice
Summary
Nasdaq PHLX 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, meaning users will now pay for this connection. It’s a clear move to organize and charge for a key part of their network setup.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 2 costs, 1 mixed.
New TNO Cross‑Connect Fees
If you are a telecommunications network operator using Nasdaq PHLX’s TNO Cross‑Connect service, the Exchange will charge a one‑time installation fee of $550 and an ongoing monthly fee of $385 per connection starting on or about July 1, 2026. Nasdaq will begin charging these fees only when the service is implemented; it currently charges nothing for this service.
Per‑Connection Billing Multiplies Costs
Each telco provider‑to‑customer cross‑connection counts as a separate TNO Cross‑Connect subject to the $550 installation fee (for new installs) and the $385 monthly fee. For example, if a telco provider installs three separate cross‑connects for one customer, each of the three connections will be charged the installation and monthly fees separately.
Existing Installs Avoid One‑Time Fee
If your TNO Cross‑Connect was already installed before implementation (on or about July 1, 2026), Nasdaq will not charge the $550 installation fee, but you will be charged the $385 ongoing monthly fee starting on the implementation date. New orders submitted after implementation will be charged both the $550 installation fee and the $385 monthly fee.
Lower Price Than NYSE Competitor
Nasdaq PHLX’s proposed $385 monthly charge is $765 lower than the NYSE’s comparable $1,150 monthly Carrier Connection Fee, or about 66.5% lower. Including the $550 installation fee, Nasdaq’s first‑month cost per connection would be $935, which the Exchange states is below NYSE’s $1,150 recurring monthly charge.
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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.
Previous / Next Documents
Previous: 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.
Next: 2026-13019 — Self-Regulatory Organizations; Nasdaq GEMX, 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 GEMX is setting new fees for its TNO Cross-Connect service, which helps telecom companies connect to its data center. This change affects anyone using this service and starts right away, meaning users will now pay for this connection. It’s a clear move to keep things fair and organized in how connections are managed and billed.