Federal Register #SR-ISE-2026-38

SEC Notice: Nasdaq ISE and NYSE National Update Data Center Connectivity Fees and Services

This opportunity involves proposed changes to telecommunications connectivity services and fees within major financial data centers, overseen by the Securities and Exchange Commission (SEC). - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - Nasdaq ISE LLC (service provider for TNO Cross-Connect Service) - NYSE National, Inc. (service provider for Optic Access Circuit services) - Products/Services Requested: - TNO Cross-Connect Service (Nasdaq ISE LLC) - $550 installation fee per connection - $385 monthly fee per connection - Service includes cabling, infrastructure, inventory management, maintenance, and operational oversight - Optic Access Circuit Services (NYSE National, Inc.) - Deletion of obsolete 1 Gb Optic Access Circuit - Clarification of access centers for 10 Gb and 40 Gb Optic Access circuits - Unique or Notable Requirements: - Uniform application of fees for all telecommunications network operators connecting to Nasdaq colocation customers - Mandatory use of TNO Cross-Connect Service for all TNOs serving Nasdaq customers - NYSE National is updating its fee schedule to remove obsolete services and clarify access points - Period of Performance: - Nasdaq ISE fees effective in the third quarter of 2026, ongoing monthly charges thereafter - NYSE National changes effective upon filing, ongoing - Estimated Contract Value: - Based on typical data center cross-connect volumes, estimated annual value per connection ranges from $4,620 to $5,020 (installation plus monthly fees) - Total contract value depends on the number of connections; likely range: $50,000 to $500,000 annually for mid-sized deployments - Primary OEMs: - Nasdaq ISE LLC - NYSE National, Inc. - Primary Competitors: - Equinix, Inc. - Digital Realty Trust, Inc. - Cboe Global Markets, Inc. - Primary Products: - TNO Cross-Connect Service - Optic Access Circuit Services (10 Gb, 40 Gb) - Competing Products: - Equinix Cross Connect - Digital Realty Cross Connect - Cboe colocation connectivity services

Attachment Details: - TNO Cross-Connect Installation Fee: $550 per connection - TNO Cross-Connect Monthly Fee: $385 per connection - Optic Access Circuit 1 Gb Service (Obsolete): NYSE National proposes deletion - Clarification of access centers for 10 Gb and 40 Gb circuits

Notable: No specific part numbers or quantities are provided; fees apply per connection and are mandatory for all TNOs serving Nasdaq customers.

Description

Nasdaq ISE LLC has filed a proposed rule change to amend Rule General 8 to establish fees for its TNO Cross-Connect Service. This service involves telecommunications network operator connectivity within Nasdaq's data center campus. The proposed fees include a $550 installation fee and a $385 ongoing monthly fee. The Securities and Exchange Commission has approved this filing, and it is effective immediately. The fees are intended to cover the Exchange's provision, management, and maintenance of the connectivity service and apply uniformly to all telecommunications network operators.

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