Nasdaq GEMX files rule change on intrafirm cabinet connectivity fees

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Ciaran Ryan

05.06.2026

Nasdaq GEMX files rule change on intrafirm cabinet connectivity fees — GEMX connectivity revamp

Nasdaq GEMX is moving to fold non-contiguous intrafirm cabinet connectivity into its Fiber connectivity framework as part of an immediately effective rule change filed on May 22, 2026. The proposal replaces existing service options with a new monthly pricing model and shifts administration of the connectivity inside the exchange's data center halls directly to the exchange.

Highlights

Nasdaq GEMX filed to amend Rule General 8, Section 1, reclassifying intrafirm cabinet connectivity as Fiber connectivity and removing it from custom installation eligibility.
Under the new pricing, a single non-contiguous intrafirm cabinet cross-connect will incur a $385 monthly fee, with bundled monthly rates up to $720 for 24 links.
The proposal shifts administration of intrafirm cabinet connectivity directly to Nasdaq GEMX, aiming to enhance system integrity and standardize colocation services for market participants.

Rule revisions and new pricing structure

As reported by the Securities and Exchange Commission, the filing seeks to amend Rule General 8, Section 1 to expressly classify intrafirm cabinet connectivity as a subset of Fiber connectivity under subsection 1(b), while removing its availability under subsection 1(d). The change means customers would no longer be able to select non-contiguous intrafirm cabinet connectivity through the custom installation provision.

The service covers cross connections linking one customer cabinet to another non-contiguous or non-adjacent cabinet, provided all cabinets are licensed to the same customer. Under the current framework, customers can order the service as a standard Fiber connection for a $550 installation fee with no recurring monthly charge, or choose a custom installation at an installation-specific price.

Nasdaq GEMX now proposes an ongoing monthly fee of $385 for a single non-contiguous intrafirm cabinet cross-connect. For customers requiring multiple links, the exchange proposes bundled monthly rates of $450 for six cross-connects, $540 for 12, $630 for 18, and $720 for 24.

Data center oversight and market implications

Under the proposal, non-contiguous intrafirm cabinet connectivity within the exchange's data center halls would be administered directly by Nasdaq GEMX. The exchange says the shift would strengthen system integrity by reducing reliance on third-party providers of intrafirm cabinet fiber inside its facilities.

Greater direct control over the infrastructure would give the exchange broader oversight of how the connectivity is furnished, tracked, audited, and maintained. For market participants using cabinet-based connectivity in the options trading environment, the proposal signals a move toward a more standardized service structure and recurring fee model within the exchange's colocation operations.

In our earlier coverage of lawmakers’ push to probe foreign influence efforts around U.S. data center expansion, we explained why data centers are being treated as strategic infrastructure for AI and other essential digital services. The article noted growing congressional scrutiny as states consider moratoriums and restrictions, with concerns that slowing buildout could weaken U.S. competitiveness and resilience.

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