Nasdaq PHLX Updates Intrafirm Cabinet Connection Rules
Published Date: 7/22/2026
Notice
Summary
Nasdaq PHLX 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’s data center connections, making the rules clearer and the pricing more transparent. The changes took effect immediately on July 9, 2026, so firms should review their costs and connections now.
Analyzed Economic Effects
4 provisions identified: 1 benefits, 2 costs, 1 mixed.
New Monthly Fees and Bundled Pricing
Nasdaq replaced the prior $550 installation/one-time pricing option for non-contiguous intrafirm cabinet connectivity with ongoing monthly fees and no installation fee: $385.00 per month for a single cross-connect; bundled monthly pricing of $450.00 for 6 cross-connects, $540.00 for 12, $630.00 for 18, and $720.00 for 24 cross-connects. The Exchange would not charge an installation fee.
Exchange Administers Non-Contiguous Fiber
Nasdaq will furnish, inventory, monitor, audit, and maintain all non-contiguous intrafirm cabinet fiber connectivity within its data center halls and customers must obtain that fiber from the Exchange; third parties will no longer be permitted to provide that fiber within the Exchange's data center halls (third parties may still offer installation services).
Intrafirm Cabinet Connectivity Listed Explicitly
Nasdaq PHLX amended Rule General 8 to expressly list non-contiguous intrafirm cabinet connectivity as a subset of Fiber connectivity under Section 1(b). This change makes the service and its pricing part of the Exchange's formal fee schedule.
Immediate Effect and Implementation Timing
The Exchange filed the change on July 9, 2026 and the rule change took effect immediately on July 9, 2026; Nasdaq states it implemented operational changes on or about the second quarter of 2026 and will announce the specific implementation date via Nasdaq's Customer Portal. Firms using the Exchange's data center connectivity should review their costs and connections now.
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Nasdaq Texas 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, effective immediately. It’s a smooth move to keep tech connections clear and costs fair for members.
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