Nasdaq proposes fee-based intrafirm cabinet connectivity expansion

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Dan Blystone

04.06.2026

Nasdaq proposes fee-based intrafirm cabinet connectivity expansion — Nasdaq expands connectivity fees

Nasdaq is seeking to broaden how it provides cabinet connectivity inside its data center halls by formally adding non-contiguous intrafirm links to its rulebook. The change would shift the service to a recurring-fee model and bring administration fully in-house, with implementation targeted for the second quarter of 2026.

Highlights

Nasdaq proposes amending Rule General 8 to classify non-contiguous intrafirm cabinet connectivity as Fiber connectivity, redefining fee structures and service terms.
Nasdaq will replace the current $550 one-time installation fee with a $385 monthly fee for each non-contiguous intrafirm cabinet cross-connect, offering bundled discounts for multiple connections.
Operational control of intrafirm cabinet connectivity will shift directly to Nasdaq, excluding third-party providers, with implementation targeted for Q2 2026.

Rule change sets new connectivity fees

Securities and Exchange Commission filings show that The Nasdaq Stock Market LLC has proposed amending Rule General 8 to explicitly classify non-contiguous intrafirm cabinet connectivity as a subset of Fiber connectivity. The service covers cross connections between a customer cabinet and another non-contiguous cabinet licensed to the same customer.

Under the current arrangement, customers can obtain the service for a one-time installation fee of $550 and no monthly charge. Nasdaq is now proposing a $385 monthly fee for a single non-contiguous intrafirm cabinet cross-connect, along with discounted bundled pricing for customers using multiple cross-connects.

Operational control and market access implications

The exchange says the proposal also consolidates management of these services directly under Nasdaq, reducing reliance on third-party providers. If adopted, third parties would no longer be permitted to provide intrafirm cabinet connectivity services within the data center halls.

Nasdaq says the changes are intended to strengthen operational oversight and improve customer service while remaining consistent with the Securities Exchange Act's requirements for equitable access among members and customers. The exchange proposes to implement the revised offering in the second quarter of 2026.

Our earlier coverage of the congressional inquiry into alleged foreign influence campaigns targeting U.S. data center expansion outlined lawmakers’ concerns that opposition to new facilities could slow AI infrastructure buildout. We noted that federal officials were asked to review claims that overseas-backed networks may be amplifying resistance to data center projects, as states and localities weigh moratoriums that could affect U.S. competitiveness and national security priorities.

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