Self-Regulatory Organizations; The Nasdaq Stock Market LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule General 8 Section 1 Related to Co-Location Services
Published Date: 2/2/2026
Notice
Summary
Nasdaq is updating its fees and rules for co-location services, where traders place their computers close to Nasdaq’s servers to get faster data. This change affects anyone using these services by simplifying fees and removing some old rules about how many machines can fit in a cabinet. The new fees take effect right away, so users should check the updated prices and plan accordingly.
Analyzed Economic Effects
6 provisions identified: 2 benefits, 0 costs, 4 mixed.
Examples Show Who Pays More or Less
Nasdaq provided transition examples: a Super High Density Cabinet at a current flat $8,800/month could map to a Phase 3 2x50 amp 208V circuit at $9,907.04/month (increase) or to a Phase 3 2x30 amp 208V circuit at $5,944.22/month (decrease of $2,855.78). Other examples: Ultra High Density $7,230 → Phase 3 20 amp 415V $7,906.58; High Density $4,950 → Phase 3 2x30 amp 208V $5,944.22 or 2x20 amp 208V $3,962.82; Medium $2,750 → 2x20 amp 208V $2,288 or 2x30 amp 120V $1,980; Low $2,200 → 2x20 amp 120V $1,320.
Uniform $550 per‑kVA Monthly Charge
If you use Nasdaq co‑location power circuits, Nasdaq will charge a uniform ongoing monthly fee of $550.00 per kilovolt‑ampere (kVA) for each power circuit under proposed Rule General 8, Section 1(c). This $550/kVA rate is applied to the kVA capacity of each circuit to compute the fixed monthly charge.
Specific New Monthly Circuit Prices
Under the $550/kVA model, example ongoing monthly fees include: 2x20 amp 120V = $1,320.00; 2x30 amp 120V = $1,980.00; Phase 3 2x30 amp 208V = $5,944.22; Phase 3 2x60 amp 208V = $11,888.45. Nasdaq derives each fee by multiplying the circuit kVA by $550 per kVA.
Nasdaq’s $550/kVA Positioned vs. NYSE
Nasdaq states the $550 per kVA fee is a mid‑band rate within its current effective $482–$763/kW range and compares favorably to NYSE's tiered monthly fee per kW of $900–$1,200 per kW. Nasdaq argues its $550/kVA flat rate avoids tier transitions and higher per‑kW prices that competitors charge.
Eliminate Density-Based Cabinet Monthly Fees
Nasdaq is removing cabinet density‑based ongoing monthly fees and consolidating cabinet offerings into two options (Cabinet and Half Cabinet) under Rule General 8, Section 1(a); cabinet installation fees remain unchanged. Nasdaq will show ongoing monthly fees for cabinets as "N/A" under Section 1(a) and instead bill ongoing fees via per‑kVA circuit charges.
Installation Fees Kept; Half Cabinet Note Retained
Nasdaq will keep all cabinet and cabinet power installation fee amounts unchanged under Rule General 8, Sections 1(a) and 1(c). Nasdaq also retains the Half Cabinet offering but preserves the footnote that Half Cabinets are not available to new subscribers.
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