2026-05337NoticeWallet

Nasdaq Stock Market Levels Up Co-Location with Cool Cabinets

Published Date: 3/19/2026

Notice

Summary

Nasdaq is upgrading its co-location services by adding new cabinet and power options in its expanded data center, including a cool new liquid-cooled cabinet. This change affects traders and firms who rent space to place their servers close to Nasdaq’s systems for faster trading. The new services are effective immediately, with fees to be announced soon.

Analyzed Economic Effects

4 provisions identified: 4 benefits, 0 costs, 0 mixed.

Liquid‑Cooled Cabinets Added in NY11‑5

If your firm rents colocation space at Nasdaq, the Exchange will offer a new Liquid‑Cooled Cabinet option only in the NY11‑5 expansion. Nasdaq says liquid cooling lets customers deploy more computing power in the same cabinet space (the filing notes higher power density vs. air cooling) and that, to Nasdaq’s knowledge, no other national securities exchange offers liquid‑cooled cabinets as a colocation option.

New High‑Power Circuit Options

Nasdaq will make two new high‑power cabinet circuits available only for Liquid‑Cooled Cabinets in NY11‑5: Phase 3 40 amp 415 volt and Phase 3 60 amp 415 volt. The filing notes existing cabinet power options support roughly 5–23 kW, while the higher‑power options (about 29–43 kW) exceed thresholds where air cooling is practical and therefore are limited to liquid cooling.

You May Provide Your Own Liquid Cabinet

For Liquid‑Cooled Cabinets in NY11‑5, customers may either use Nasdaq‑provided cabinets or supply their own cabinets; by contrast, traditional air‑cooled cabinets in the data center must be Nasdaq‑provided. The proposal explicitly allows customer‑provided cabinets only for the liquid‑cooled option.

Pre‑Orders Allowed; Fees TBD; Access Around April 3, 2026

Nasdaq will allow customers to place orders for Liquid‑Cooled Cabinets before fees are established; orders will not be fee‑liable until Nasdaq provides access and customers can immediately use the space. The Exchange anticipates granting access to NY11‑5 on or about April 3, 2026, and will submit a separate fee filing that sets installation and ongoing fees (the filing shows "TBD" for those fees).

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Key Dates

Published Date
Effective Date
3/19/2026
4/3/2026

Department and Agencies

Department
Independent Agency
Agency
Securities and Exchange Commission
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