Nasdaq PHLX removes obsolete market data connectivity offerings

On August 14, 2026 Nasdaq PHLX LLC filed a proposed rule change with the Securities and Exchange Commission under Section 19(b)(1) of the Securities Exchange Act of 1934 and Rule 19b-4. The filing, identified as Release No. 34-106143; File No. SR-Phlx-2026-53, was published on August 17, 2026 and is immediately effective.

The Exchange seeks to amend Rule General 8, Section 1(b) to delete several fiber-optic-delivered market data connectivity offerings - specifically connectivity to the Nasdaq Data Center for SIAC, CTS/CQS, OpenBook Ultra, and ArcaBook Multicast. These offerings will terminate on September 30, 2026 because they are subscribed to by fewer than three customers, are available from other vendors, and existing customers have received 90-day notice.

The proposal also removes wireless connectivity services that deliver multicast market data feeds via microwave or millimeter-wave networks. The offerings being eliminated include NYSE Equities (Arca Integrated), NYSE Equities (NYSE Integrated), BATS Multicast PITCH for BZX and BYX, Direct EDGE Depth of Book for EDGA and EDGX, and several CME multicast feeds. Those services were terminated effective August 31, 2025, with more than 90 days' notice provided to customers.

In addition, Nasdaq PHLX proposes to discontinue the Proximity-On-Demand (POD) offering described in SR-Phlx-2024-28. The POD service, envisioned as a managed colocation solution, never attracted sufficient demand, no fees were ever filed, and the offering was never implemented.

The Exchange states that the changes merely update the rulebook to reflect services that are no longer offered, terminated, or never launched. No new fees, obligations, or service requirements are introduced, and the Exchange asserts that the amendment imposes no unnecessary burden on competition.