Notice2026-05343
Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Introduce TNO Cross Connect, a Colocation Telecommunications Carrier Connectivity Service
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
March 19, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 53 (Thursday, March 19, 2026)</title>
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[Federal Register Volume 91, Number 53 (Thursday, March 19, 2026)]
[Notices]
[Pages 13373-13375]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-05343]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105013; File No. SR-MRX-2026-08]
Self-Regulatory Organizations; Nasdaq MRX, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Introduce TNO
Cross Connect, a Colocation Telecommunications Carrier Connectivity
Service
March 16, 2026.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on March 10, 2026, Nasdaq MRX, LLC (``MRX'' or ``Exchange'') filed with
the Securities and Exchange Commission (``Commission'') the proposed
rule change as described in Items I and II below, which Items have been
prepared by the Exchange. The Commission is publishing this notice to
solicit comments on the proposed rule change from interested persons.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to introduce ``TNO Cross Connect,'' a
telecommunications network operator (telco'' or ``TNO'') connectivity
service, throughout its data center campus. The Exchange will submit a
separate filing to establish fees for the service proposed herein.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/mrx/rulefilings">https://listingcenter.nasdaq.com/rulebook/mrx/rulefilings</a>,
and at the principal office of the Exchange.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the Exchange included statements
concerning the purpose of and basis for the proposed rule change and
discussed any comments it received on the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to introduce ``TNO Cross Connect,'' a
telecommunications network operator \3\ (telco'' or ``TNO'')
connectivity service, throughout its data center campus. The Exchange
will submit a separate filing to establish fees for the service
proposed herein.
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\3\ For purposes of this proposal, a Telecommunication Network
Operator (TNO) means a provider of telecommunications carrier
services that, owns, controls, or has the appropriate rights to use,
the infrastructure necessary to sell and/or deliver
telecommunications carrier services.
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Background
The Exchange's data center campus consists of the original data
center (``NY11''), an expansion area (``NY11-4''), and a future
expansion area (``NY11-5''). In a data center, a telco provider
operates within a physical network infrastructure that enables external
connectivity for data center customers, transporting customer data into
and out of the facility through equipment the telco maintains onsite.
In this role, the telco provides network services that allow customers
to reach their broader networks by providing telecommunications access
to external destinations.
Data Center Telco Connectivity
Throughout the Exchange's data center, including as retrofitted in
NY11,\4\ telco connectivity is
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implemented using Nasdaq-managed infrastructure \5\ in which each telco
connectivity proceeds from the telco carrier cage \6\ cabinet patch
panel \7\ through Nasdaq-provided cabling to a Nasdaq-managed
distribution point.\8\ From there, additional Nasdaq-provided cabling
connects the telco to the customer client cabinet patch panel.\9\ All
telco connectivity in the expansion areas and as scheduled to be
retrofitted in NY11 follows this standardized route.\10\
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\4\ The Exchange is undertaking a campus-wide project to
implement equidistant telco connectivity within and among its
original data center hall and expansion areas (``Equalization
Project''). As part of this initiative, the original data center
hall, NY11, is being retrofitted with equalized cabling and updated
infrastructure. This model reflects Nasdaq's efforts to enhance the
integrity of its data center networks by establishing standardized
connectivity requirements for each component of the telco-to-
customer connectivity path and exercising greater management
oversight over its components. See Securities Exchange Act Release
No. 34-101078 (Sept. 18, 2024), 89 FR 77937 (Sept. 24, 2024) (SR-
NASDAQ-2024-054) (discussing the Equalization Project in greater
detail).
\5\ In data center halls NY11-4, NY11-5 and (as retrofitted in)
NY11, cabling from the telco carrier cabinet to the Nasdaq-provided
distribution point and onward to the customer cabinet is provided
and managed by Nasdaq. All such connectivity is color-coded,
inventoried, and auditable, thereby enhancing transparency and
operational consistency across the infrastructure. By maintaining
direct contractual and billing relationships with TNOs as it relates
to connectivity and fully managing each component of the telco
connectivity path, Nasdaq enhances the integrity of the telco-to-
customer communications network and strengthens its ability to
oversee and control that connectivity. In the legacy NY11 model,
such connectivity, as well as contractual relationships with TNOs
with respect to such connectivity, are largely provided or
established by the data center operator. As discussed below,
however, the data center operator has historically maintained (and
continues to maintain) contractual relationships with TNOs in
connection with other data center-provided products or services,
such as the leasing of space by and the provision of power to the
telco provider.
\6\ The carrier cage is a meshed caged area or section in a data
center which houses telco carrier and vendor equipment to which data
center clients connect via Nasdaq or data center provided
connectivity (the latter as in the case of legacy NY11). Throughout
the data center campus, including NY11 and NY11-4, and NY11-5, the
telco carrier cage cabinet is operated by the data center operator.
The Exchange does not currently assess charges against telco
providers, whether for use of such carrier cage space or otherwise.
\7\ A patch panel is a passive cabling interface used in data
centers to terminate, organize, and route network or fiber
connections. It serves as a centralized panel of ports where
incoming cables (e.g., from a telco carrier cage or backbone
infrastructure) connect on one side, and outgoing cables (e.g., to
customer cabinets, distribution points, or equipment racks) connect
on the other.
\8\ A distribution point is a designated passive cabling node
within a data center's structured telecommunications architecture,
where backbone or feeder cabling terminates, and from which
downstream cabling is routed to customer cabinets or equipment
locations. Distribution points serve as standardized, auditable
locations used for organizing, patching, and managing connectivity.
\9\ That section of the telco-to-customer connectivity path
consisting of the connectivity from the Nasdaq-provided distribution
point to the customer client cabinet is not the subject or purpose
of this proposed rule change. The scope of the telco connectivity
service proposed herein is limited to that section of the telco-to-
customer connectivity path consisting of the cabling extending from
the telco provider carrier cage to the Nasdaq-provided distribution
point only.
\10\ The Exchange is not proposing to modify its telco
connectivity infrastructure. Rather, it seeks to designate a
specific component of that infrastructure as a connectivity service,
with associated fees to be established in a separate filing.
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TNO Cross Connect
The Exchange is now proposing to add to its fee schedule in Rule
General 8, Section 1(b) a specified component of the telco-to-customer
connectivity path and offer that component as a connectivity offering
as described herein.\11\ As proposed, the TNO Cross Connect \12\ would
consist solely of the cabling that runs from the telco's carrier
cabinet through to the Nasdaq-provided distribution point.\13\ The
proposed service would not include the downstream customer-facing
connectivity from the Nasdaq-provided distribution point to the
customer client cabinet. As proposed, all TNOs seeking to connect with
Nasdaq data center clients anywhere inside the data center campus will
be required to interface through TNO Cross Connect thus enhancing the
consistency of connectivity architecture inside the data center. The
TNO Cross Connect would thus promote the integrity and transparency of
telco connectivity inside the data center campus and support Nasdaq's
ability to provide consistent oversight and maintenance of that
connectivity. The Exchange notes that the New York Stock Exchange
(NYSE) offers a comparable service at an established fee.\14\ The
Exchange will submit a filing proposing to establish fees for the TNO
Cross Connect service proposed herein.
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\11\ The Exchange does not currently assess charges against
telco providers in the data center, whether for any component of the
telco to customer connectivity path or otherwise. The Exchange is
now proposing to introduce TNO Cross Connect to designate a certain
component of the telco-to-customer cabinet cabling path, as
described herein, as a connectivity service. The Exchange will
submit a separate filing to establish fees for the service proposed
herein.
\12\ As discussed below, the Exchange proposes to offer TNO
Cross Connect throughout its data center campus, including NY11 (as
fully retrofitted), NY11-4, and NY11-5 with implementation to take
place during the second quarter of 2026. In the context of the
proposed TNO Cross Connect service, a cross-connect refers to the
physical, point-to-point cabling that links a telecommunications
network operator from its data center-operated carrier cabinet to
the Nasdaq-controlled distribution point within the data center. A
cross-connect is a direct physical connection between two distinct
demarcation points in a data center, typically used to provide a
private, reliable path between a customer and a service provider.
\13\ To effect this change, the Exchange proposes to amend
subparagraph (b) of Rule General 8, Section 1 as follows. The
Exchange proposes to insert, immediately below the caption ``Fiber''
the words ``TNO Cross Connect.'' The Exchange further proposes to
insert, where the column titled ``Installation Fee'' intersects the
proposed entry ``TNO Cross Connect,'' the acronym ``TBD.''
Similarly, the Exchange proposes to enter ``TBD'' where the proposed
entry ``TNO Cross Connect'' intersects the column titled ``Ongoing
Monthly Fee.'' The Exchange believes the proposed changes are
appropriate to indicate the introduction of the proposed
connectivity service under subparagraph (b) of Rule General 8,
Section 1, and to clarify that the proposed installation and ongoing
monthly fees for such proposed service have yet to be established.
As discussed above, the Exchange will submit a separate filing
proposing fees for the TNO Cross Connect.
\14\ See New York Stock Exchange LLC, Connectivity Fee Schedule
(Jan. 1, 2026) (offering, under Section D (``Meet Me-Room (`MMR')
Services'') thereof, a service titled ``Carrier Connection Fee'' to
``[m]aintain Telecom's connections to its non-Telecom data center
customers'' for a monthly fee of $1,150) available at <a href="https://www.nyse.com/publicdocs/nyse/Wireless_Connectivity_Fees_and_Charges.pdf">https://www.nyse.com/publicdocs/nyse/Wireless_Connectivity_Fees_and_Charges.pdf</a>.
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Impact of the Proposed Changes
The proposed TNO Cross Connect service is specific to TNOs and will
be available to all TNOs on an equal basis. As proposed, all TNOs
seeking to connect with Nasdaq data center clients anywhere inside the
data center campus will be required to interface through TNO Cross
Connect thus enhancing the consistency of connectivity architecture
inside the data center. The proposed changes are not otherwise intended
to address any other items relating to the Exchange's data center
campus.
Implementation
The Exchange proposes to offer TNO Cross Connect throughout its
data center campus. Although projected dates are subject to change, the
Exchange anticipates launching the TNO Cross Connect offering during
the second quarter of 2026.
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\15\ in general, and furthers the objectives of Section
6(b)(5) of the Act,\16\ in particular, in that it is designed to
promote just and equitable principles of trade, to remove impediments
to and perfect the mechanism of a free and open market and a national
market system, and, in general to protect investors and the public
interest.
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\15\ 15 U.S.C. 78f(b).
\16\ 15 U.S.C. 78f(b)(5).
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As described above, the proposal provides for a defined and
Exchange-managed connectivity pathway--the TNO Cross Connect--running
from the telco carrier cage to the Nasdaq-managed distribution point.
Through
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this structure, all TNOs interface with the Exchange's infrastructure
through a uniformly administered, and auditable pathway, which in turn
enhances the operational integrity and reliability of connectivity
throughout the interior of the Exchange's data center campus. By
establishing a standardized, Nasdaq-managed connectivity path in which
the Exchange oversees the cabling, demarcation points, and supporting
architecture, the proposal enhances Nasdaq's ability to monitor,
maintain, and audit this connectivity. Implementing the proposed TNO
Cross Connect thus enhances the integrity of connectivity within the
Exchange's data center campus as well as Nasdaq's ability to implement,
oversee, maintain, and manage that connectivity. As discussed above,
other exchanges offer comparable telco carrier connectivity services at
established fees.\17\
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\17\ See supra note 14 and accompanying text.
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition not necessary or appropriate in
furtherance of the purposes of the Act.
Nothing in the proposal imposes any burden on the ability of other
exchanges to compete. The Exchange operates in a highly competitive
market in which exchanges and other vendors offer colocation services
to facilitate the trading and other market activities of those market
participants who believe that colocation enhances the efficiency of
their operations. As discussed above, other exchanges offer comparable
telecommunication carrier connectivity services at established fees.
Nothing in the proposal burdens intra-market competition because
the TNO Cross Connect will be available to any TNO who wishes to offer
its services to the Exchange's data center customers on a non-
discriminatory basis and each TNO who wants to offer its services to
Nasdaq customers will be subject to the same requirements. As discussed
above, any TNO that seeks to provide telecommunications services to
Nasdaq's data center customers must use the proposed TNO Cross Connect.
This requirement ensures that all TNOs interface with Nasdaq's
infrastructure through a uniform, Exchange-managed connectivity path,
which enhances the integrity, transparency, and consistency of
connectivity throughout the data center campus. Requiring TNOs to use
this Exchange-administered pathway does not restrict competition among
TNOs; each TNO remains free to determine whether to offer its services
to Nasdaq colocation customers and to compete with other TNOs on the
basis of price and service quality. The proposal merely ensures that,
if a TNO chooses to do business with Nasdaq customers, the TNO must
connect through the TNO Cross Connect, which serves as the
standardized, regulated point of access. Accordingly, the proposal does
not impose any burden on inter-market or intra-market competition that
is not necessary or appropriate under the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were either solicited or received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to Section
19(b)(3)(A)(iii) \18\ of the Act and Rule 19b-4(f)(6) thereunder \19\
in that it effects a change that: (i) does not significantly affect the
protection of investors or the public interest; (ii) does not impose
any significant burden on competition; and (iii) by its terms, does not
become operative for 30 days after the date of the filing, or such
shorter time as the Commission may designate if consistent with the
protection of investors and the public interest.
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\18\ 15 U.S.C. 78s(b)(3)(A)(iii).
\19\ 17 CFR 240.19b-4(f)(6). Furthermore, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to give the Commission
written notice of its intent to file a proposed rule change under
that subsection at least five business days prior to the date of
filing, or such shorter time as designated by the Commission. The
Exchange has satisfied this requirement.
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At any time within 60 days of the filing of the proposed rule
change, the Commission summarily may temporarily suspend such rule
change if it appears to the Commission that such action is necessary or
appropriate in the public interest, for the protection of investors, or
otherwise in furtherance of the purposes of the Act. If the Commission
takes such action, the Commission shall institute proceedings to
determine whether the proposed rule should be approved or disapproved.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposed rule
change is consistent with the Act. Comments may be submitted by any of
the following methods:
Electronic Comments
<bullet> Use the Commission's internet comment form (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>); or
<bullet> Send an email to <a href="/cdn-cgi/l/email-protection#641611080149070b0909010a1017241701074a030b12"><span class="__cf_email__" data-cfemail="2153544d440c424e4c4c444f5552615244420f464e57">[email protected]</span></a>. Please include
file number SR-MRX-2026-08 on the subject line.
Paper Comments
<bullet> Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street NE, Washington, DC 20549-1090.
All submissions should refer to file number SR-MRX-2026-08. This file
number should be included on the subject line if email is used. To help
the Commission process and review your comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's internet website (<a href="https://www.sec.gov/rules/sro.shtml">https://www.sec.gov/rules/sro.shtml</a>). Copies of the filing will be available for inspection and
copying at the principal office of the Exchange. Do not include
personal identifiable information in submissions; you should submit
only information that you wish to make available publicly. We may
redact in part or withhold entirely from publication submitted material
that is obscene or subject to copyright protection. All submissions
should refer to file number SR-MRX-2026-08 and should be submitted on
or before April 9, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\20\
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\20\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-05343 Filed 3-18-26; 8:45 am]
BILLING CODE 8011-01-P
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