2026-01996Notice

Self-Regulatory Organizations; Nasdaq PHLX 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 PHLX is shaking up how it charges for co-location services at its New Jersey data center by switching from cabinet density fees to a simpler power-based pricing model. This change affects traders and firms using these services, making fees clearer and potentially fairer. The new fees kicked in right after the filing on January 15, 2026, so users should check their bills!

Analyzed Economic Effects

4 provisions identified: 1 benefits, 1 costs, 2 mixed.

Uniform $550 per‑kVA Monthly Charge

The Exchange replaced cabinet density monthly fees with a uniform ongoing monthly fee of $550.00 per kilovolt‑ampere (kVA) applied to each power circuit under Rule General 8, Section 1(c). This per‑kVA fee is the basis for all ongoing monthly charges for power circuits (for example, a 10.81 kVA Phase 3 2x30 amp 208V circuit is shown as $5,944.22 per month).

Lower‑Density Customers Pay Less

Customers using lower density cabinet options are likely to see lower monthly charges. For example, a Low Density cabinet ongoing fee would move from $2,200 to $1,320 (a 40% reduction), and a Medium Density example shows $2,750 to $1,980 (about a 28% reduction).

High‑Density Customers Pay More

Customers using higher density cabinets are likely to see higher monthly charges under the new per‑kVA model. For example, a Super High Density cabinet moves from $8,800 to about $11,891 (a 35.13% increase) or to $12,650.53 (a 43.76% increase) depending on circuit choice.

Cabinet Density Fees Removed; Installation Fees Kept

The Exchange eliminated ongoing monthly cabinet density‑based fees under Rule General 8, Section 1(a) (marking those ongoing monthly fees as “N/A”), but retains existing cabinet and cabinet power installation fees unchanged. Half Cabinet remains offered (not available to new subscribers) while its prior ongoing monthly amount is deleted and ongoing charges instead come from per‑kVA circuit fees.

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Key Dates

Effective Date
Published Date
1/15/2026
2/2/2026

Department and Agencies

Department
Independent Agency
Agency
Securities and Exchange Commission
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