Federal Register #SR-NASDAQ-2026-066

SEC Notice: Nasdaq and Cboe BZX Exchange Rule Changes for Market Data Connectivity and Service Offerings

This notice from the Securities and Exchange Commission (SEC) details proposed rule changes by The Nasdaq Stock Market LLC and Cboe BZX Exchange regarding market data connectivity and service offerings. - Government Buyer: - Securities and Exchange Commission (SEC), Division of Trading and Markets - OEMs and Vendors: - The Nasdaq Stock Market LLC - Cboe BZX Exchange - Products/Services Requested: - Removal of obsolete fiber optic-delivered market data connectivity offerings (SIAC, CTS/CQS, OpenBook Ultra, ArcaBook Multicast) - Termination of wireless market data feeds via microwave or millimeter wave connectivity (NYSE Equities, BATS Multicast PITCH, Direct EDGE Depth of Book, CME Multicast Total) - Deletion of fees and services for legacy Computer to Computer Interface (CTCI) Stations for MFUND - Discontinuation of Proximity-On-Demand (POD) managed colocation solution (never implemented) - Amendment to free trial provisions for Cboe BZX Exchange market data products (fixed historical window: July 1, 2022 - December 31, 2022) - Unique or Notable Requirements: - Fiber optic offerings affect fewer than three customers; CTCI services have had no customers since 2021 - Wireless connectivity offerings already terminated; POD offering never implemented - No new products or services are being introduced; changes are for rulebook clarity and removal of obsolete provisions - Cboe BZX Exchange's free trial amendment applies to specific market data products and sets a fixed historical data window

Description

The Nasdaq Stock Market LLC has filed a proposed rule change to amend its connectivity schedule and to discontinue a previously proposed offering. The changes include removing certain fiber optic-delivered market data offerings and discontinued wireless connectivity services, deleting obsolete fees for Computer to Computer Interface (CTCI) Stations, and discontinuing a Proximity-On-Demand (POD) offering that was never implemented. These amendments aim to update the rulebook by removing obsolete provisions and enhancing clarity without introducing new services or fees.

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