Nasdaq PHLX Sets Fees for Liquid-Cooled Data Center Cabinets

On September 14, 2026, Nasdaq PHLX LLC filed a proposed rule change with the SEC under Section 19(b)(1) of the Securities Exchange Act and Rule 19b-4 (Release No. 34-106489; File No. SR-Phlx-2026-57). The filing amends Exchange Rule General 8 to establish fees for liquid-cooled cabinets, their power installation, and ongoing power usage. Although the amendment is immediately effective, the Exchange will implement the fees during the fourth calendar quarter of 2026 and will notify customers via Trader Alert.

The amendment creates separate installation fees for liquid-cooled cabinets in the NY11-5 expansion area. A Nasdaq-provided cabinet will incur a $5,490 installation fee with no monthly charge, matching the existing NY11-4/-5 standard cabinet fee. Customers who supply their own cabinet will be assessed a $2,500 installation fee, also without a recurring fee.

Power services for liquid-cooled cabinets will be offered with one-, two-, or three-year commitment terms. The installation fee consists of the standard NY11-4/-5 cabinet power fee plus an additional per-kVA charge: $1,800 per kVA for a one-year term, $1,650 per kVA for two years, and $1,500 per kVA for three years. Ongoing monthly fees are $1,000, $900, or $800 per kVA, respectively. For example, the single-phase 240-volt, 20-amp option yields 4.80 kVA, resulting in a $4,800 monthly charge under a one-year commitment.

All fees are optional and apply only to customers who elect to use the liquid-cooled cabinet offering. Traditional air-cooled cabinets and associated fees remain unchanged, preserving existing co-location options for market participants.