Nasdaq PHLX Dumps Phantom 'Proximity-On-Demand' in Rule Tweak
Published Date: 8/20/2026
Notice
Summary
Nasdaq PHLX is updating its connectivity rules by removing some old fiber optic and wireless market data services that no longer exist. They’re also canceling a new Proximity-On-Demand service they planned but never launched. These changes take effect immediately and mainly affect traders and firms using these services, potentially saving them money and simplifying options.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 0 costs, 2 mixed.
Fiber Market Data Connectivity Removed
If your firm subscribes to certain Nasdaq PHLX fiber-optic market data connectivity feeds (SIAC, CTS/CQS, OpenBook Ultra, ArcaBook Multicast), those Exchange-provided offerings will terminate effective September 30, 2026. The Exchange says fewer than three customers subscribe to these offerings and that existing customers were given 90 days' notice; the same feeds remain available from third-party vendors.
Wireless Multicast Feeds Removed
Nasdaq PHLX removed certain multicast market data feeds delivered via microwave or millimeter-wave wireless networks (including NYSE Equities Arca Integrated, NYSE Equities NYSE Integrated, BATS Multicast PITCH for BZX and BYX, Direct EDGE Depth of Book for EDGA and EDGX, and several CME multicast feeds), which were terminated effective August 31, 2025. The Exchange also removed the related installation fees, monthly fees, and volume-discount language tied to those wireless subscriptions.
Proximity-On-Demand Offering Discontinued
Nasdaq PHLX confirmed it will not implement the previously proposed Proximity-On-Demand (POD) managed colocation solution described in SR-Phlx-2024-28. The Exchange states POD never had fees filed, was never offered, did not attract sufficient demand, and will be discontinued.
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Previous / Next Documents
Previous: 2026-16945, Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering
Nasdaq is updating its connectivity rules by removing some old fiber optic and wireless data services, deleting outdated tech fees, and canceling a never-launched Proximity-On-Demand offering. These changes affect traders and firms using Nasdaq’s data connections and take effect immediately, simplifying costs and services. No new fees are added, just a cleaner, more current setup.
Next: 2026-16947, Self-Regulatory Organizations; Nasdaq Texas, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend the Exchange's Connectivity Schedule and Discontinue a Previously Proposed Offering