Federal Register #SR-Phlx-2026-32

Nasdaq PHLX LLC Rule Change: Direct Intrafirm Cabinet Connectivity Services and Fees

This opportunity concerns a proposed rule change by Nasdaq PHLX LLC regarding data center connectivity services: - Government Buyer: - Securities and Exchange Commission (SEC) is the regulatory body; Nasdaq PHLX LLC is the service provider and rule filer - Service Provider (OEM): - Nasdaq PHLX LLC (no other OEMs or vendors are mentioned) - Services Requested/Offered: - Non-contiguous intrafirm cabinet connectivity within Nasdaq PHLX LLC data center halls - Service is now classified as a subset of Fiber connectivity - No installation fees; only ongoing monthly fees apply - Monthly pricing tiers: - $385 for a single cross-connect - $450 for 6 cross-connects - $540 for 12 cross-connects - $630 for 18 cross-connects - $720 for 24 cross-connects - Unique/Notable Requirements: - All non-contiguous intrafirm cabinet connectivity must be obtained directly from Nasdaq PHLX LLC - Third parties are no longer permitted to provide this connectivity - The change aims to enhance oversight, standardization, and infrastructure integrity - No physical products are being procured; this is a service and fee schedule update

Description

Nasdaq PHLX LLC has filed a proposed rule change with the Securities and Exchange Commission to amend Rule General 8 to expressly list non-contiguous intrafirm cabinet connectivity as a subset of Fiber connectivity and to amend the fees applicable to such service. The proposal includes restructuring fees to charge an ongoing monthly fee for non-contiguous intrafirm cabinet cross-connects and eliminating installation fees. The change aims to enhance the integrity and oversight of the Exchange's data center connectivity by standardizing and directly administering the service, requiring customers to obtain connectivity directly from the Exchange. The proposal is effective immediately upon filing.

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