Notice2026-06338
Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish Fees for Its Expanded Co-Location Services
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
April 2, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
<html>
<head>
<title>Federal Register, Volume 91 Issue 63 (Thursday, April 2, 2026)</title>
</head>
<body><pre>
[Federal Register Volume 91, Number 63 (Thursday, April 2, 2026)]
[Notices]
[Pages 16760-16763]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-06338]
=======================================================================
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-105117; File No. SR-GEMX-2026-12]
Self-Regulatory Organizations; Nasdaq GEMX, LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Establish Fees
for Its Expanded Co-Location Services
March 30, 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 24, 2026, Nasdaq GEMX, LLC (``GEMX'' or ``Exchange'') filed
with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I, II, and III 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.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to establish fees for its expanded colocation
services, as described further below. While these amendments are
effective upon filing, the Exchange has designated the proposed
amendments to be operative on April 1, 2026.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/gemx/rulefilings">https://listingcenter.nasdaq.com/rulebook/gemx/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's data center in Carteret, NJ consists of the original
data center hall (``NY11''), the expanded data center area (``NY11-4'')
as well as a future expanded data center area (``NY11-5''). The
Exchange filed a proposal to expand its colocation services by making
available in NY11-5 certain colocation offerings that were previously
available only in NY11-4.\3\ This proposed rule change seeks to
establish fees for such expanded colocation services.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 105203 (Mar. 17,
2026), 91 FR 13659 (Mar. 20, 2026) (SR-GEMX-2026-09).
---------------------------------------------------------------------------
Fees for Cabinet Offering in NY11-5
The Exchange filed a proposal to introduce in NY11-5 the cabinet
option that was previously only available in NY11-4 (``Cabinet'').\4\
The Exchange now proposes to establish an installation fee for that
Cabinet offering in NY11-5.
---------------------------------------------------------------------------
\4\ See SR-GEMX-2026-09, supra note 3.
---------------------------------------------------------------------------
First, the Exchange proposes an installation fee for that Cabinet
offering in NY11-5. Consistent with corresponding installation fees
established for NY11-4, the Exchange proposes an installation fee of
$5,940 for the Cabinet offering in NY11-5.\5\ Consistent with the
approach in NY11 and NY11-4, the Exchange is not proposing an ongoing
monthly fee for the proposed Cabinet offering in NY11-5.\6\
---------------------------------------------------------------------------
\5\ To effect this change, the Exchange proposes to amend Rule
General 8, Section 1(a) as follows. The Exchange proposes to delete,
from entry applicable to the Cabinet offering under the column
titled ``NY11-4/-5 Installation Fee'' the forward slash and acronym
``/TBD.'' The Exchange further proposes to insert, immediately
following the only sentence in the current footnote designated with
a dagger, the following sentence: ``Fees depicted hereunder apply to
NY11-4 and NY11-5.'' The Exchange believes the proposed changes are
appropriate to indicate that the fees shown on Rule General 8,
Section 1(a) for the Cabinet offering under the column titled
``NY11-4/-5'' apply equally to Cabinets in NY11-4 as well as NY11-5.
See proposed Rule General 8, Section 1(a).
\6\ See proposed Rule General 8, Section 1(a).
---------------------------------------------------------------------------
The Exchange believes that establishing an installation fee for the
Cabinet offering in NY11-5 that is equivalent to the corresponding
installation fee for the same Cabinet option in NY11-4 is appropriate
because NY11-4 and NY11-5 are data center expansion areas that share
similar infrastructure features and the proposed Cabinet offering for
NY11-5 in particular offers the same features as those of the
corresponding cabinet option in NY11-4. Thus, the Exchange is
establishing NY11-5 fees that mirror the fees for the corresponding
cabinet option in NY11-4.
Fees for Cabinet Power Options in NY11-5
Rule General 8, Section 1(c) provides that the following (five)
cabinet power options are available exclusively in NY11-4: Phase 1 20
amp 240 volt, Phase 1 32 amp 240 volt, Phase 1 40 amp 240 volt, Phase 3
20 amp 415 volt, and Phase 3 32 amp 415 volt (collectively, ``Extension
Area Power Circuit Offerings'').\7\ The Exchange filed a proposal to
introduce such Extension Area Power Circuit Offerings (which were
previously available only in NY11-4) in NY11-5.\8\ The Exchange now
proposes to establish fees for Extension Area Power Circuit Offerings
in NY11-5. In alignment with
[[Page 16761]]
established fees for NY11-4, the Exchange proposes installation and
ongoing monthly fees for Extension Area Power Circuit Offerings in
NY11-5 that are identical to the fees applicable to the corresponding
power circuits in NY11-4 as follows.
---------------------------------------------------------------------------
\7\ See Rule General 8, Section 1(c).
\8\ See SR-GEMX-2026-09, supra note 3.
---------------------------------------------------------------------------
First, the Exchange proposes to establish power installation fees
for Extension Area Power Circuit Offerings in NY11-5 that are
equivalent to corresponding power installation fees for the
corresponding power circuit offerings in NY11-4. Installation fees for
the various cabinet power options in NY11-4 are as follows: $3,600 for
all Phase 1 options and $4,560 for Phase 3 options.\9\ Accordingly,
proposed installation fees for Extension Area Power Circuit Offerings
in NY11-5 are as follows: $3,600 for all Phase 1 options and $4,560 for
Phase 3 options.\10\
---------------------------------------------------------------------------
\9\ See Rule General 8, Section 1(c).
\10\ See proposed Rule General 8, Section 1(c). To effect this
change, the Exchange proposes to amend Rule General 8, Section 1(c)
as follows. First, the Exchange proposes to delete the forward slash
and acronym ``TBD'' (``/TBD'') in all instances where that acronym
appears in Rule General 8, Section 1(c). Next, the Exchange proposes
to insert, in the footnote designated with a single asterisk
(``*''), the following sentence: ``All installation and ongoing
monthly fees depicted for these power circuits options apply to both
NY11-4 and NY11-5.'' The Exchange believes these proposed changes
are appropriate to remove obsolete text as well as to indicate that
the fees depicted for the Extension Area Power Circuit Offerings
under this subparagraph of Rule General 8, Section 1(c) apply
equally to NY11-4 and NY11-5.
---------------------------------------------------------------------------
Next, the Exchange proposes ongoing monthly fees for Extension Area
Power Circuit Offerings in NY11-5 that are equal to the ongoing monthly
fees established for the corresponding power circuit offerings in NY11-
4.\11\ The ongoing monthly fee for the Phase 1 20 amp 240 volt power
circuit offering in NY11-4 is $2,640.00. Accordingly, the Exchange
proposes to establish an ongoing monthly fee of $2,640.00 for the
identical Phase 1 20 amp 240 volt power circuit offering in NY11-5.\12\
The ongoing monthly fee for the Phase 1 32 amp 240 volt power circuit
offering in NY11-4 is $4,224.00. The Exchange therefore proposes to
establish an ongoing monthly fee of $4,224.00 for the identical power
circuit offering in NY11-5.\13\ The ongoing monthly fee for the Phase 1
40 amp 240 volt power circuit offering in NY11-4 is $5,280.00. The
Exchange thus proposes an ongoing monthly fee of $5,280.00 for the
identical power circuit offering in NY11-5.\14\ The ongoing monthly fee
for the Phase 3 20 amp 415 volt power circuit offering in NY11-4 is
$7,906.58. Accordingly, the Exchange proposes an ongoing monthly fee of
$7,906.58 for the identical power circuit offering in NY11-5.\15\
Finally, the ongoing monthly fee for the Phase 3 32 amp 415 volt power
circuit offering in NY11-4 is $12,650.53. The Exchange thus proposes an
ongoing monthly fee of $12,650.53 for the corresponding identical power
circuit offering in NY11-5.\16\
---------------------------------------------------------------------------
\11\ See proposed Rule General 8, Section 1(c).
\12\ To effect this change, the Exchange proposes to amend Rule
General 8, Section 1(c) as follows. As discussed above, the Exchange
proposes to insert, immediately following the conclusion of the
footnote designated with an asterisk (``*''), the following
sentence: ``All installation fees and ongoing monthly fees depicted
for these power circuit options apply to both NY11-4 and NY11-5.''
The Exchange believes this proposed change is appropriate to
indicate that the fees depicted for these power circuit options--
which currently apply only to NY11-4--would apply equally to NY11-4
and NY11-5.
\13\ See supra note 10 and accompanying text.
\14\ See supra note 10 and accompanying text.
\15\ See supra note 10 and accompanying text.
\16\ See supra note 10 and accompanying text.
---------------------------------------------------------------------------
The Exchange believes proposing installation fees as well as
ongoing monthly-fees for Extension Area Power Circuit Offerings in
NY11-5 that are the same in amount and frequency as corresponding fees
for Extension Area Power Circuit Offerings in NY11-4 is reasonable
because the offered power circuit options are the same in terms of
featured power capabilities and limitations as those in NY11-4. The
Exchange is merely making those identical offerings available in NY11-
5.
Fees for Power Distribution Unit Options: NY11-5
As a convenience to its customers, the Exchange recently introduced
certain power distribution units (``PDUs'') \17\ in NY11-5: \18\
Specifically, the Exchange introduced the following PDUs in NY11-5:
Phase 1, Phase 3,\19\ as well as a switch monitored PDU add on
(``Switch Monitored PDU Add On'') (collectively, ``Extension Area
PDUs'').\20\ The Exchange now proposes to establish fees for such
Extension Area PDUs in NY11-5. Specifically, the Exchange proposes
establishing an installation fee as well as an ongoing monthly fee for
Extension Area PDUs in NY11-5 that are equal in amount to the
corresponding installation and ongoing monthly fees for the same
Extension Area PDUs in NY11-4.
---------------------------------------------------------------------------
\17\ PDUs are devices fitted with multiple outputs designed to
distribute electric power.
\18\ See SR-GEMX-2026-09, supra note 3.
\19\ See SR-GEMX-2026-09, supra note 3; Rule General 8, Section
1(d). Phase 1 PDUs are compatible with the following power options:
Phase 1 20 amp 240 volt, Phase 1 32 amp 240 volt, and Phase 1 40 amp
240 volt. Phase 3 PDUs are compatible with the following power
options: Phase 3 20 amp 415 volt and Phase 3 32 amp 415 volt. Phase
1 and Phase 3 are available in NY11 and NY11-4. Phase 3 PDUs provide
greater power density than Phase 1 PDUs by delivering power over
three wires as opposed to one wire.
\20\ See Rule General 8, Section, 1(d).
---------------------------------------------------------------------------
First, the Exchange proposes installation fees for Extension Area
PDUs in NY11-5 that are equal in amount to corresponding installation
fees established for the same service in NY11-4. Current installation
fees for Extension Area PDUs in NY11-4 are as follows: $4,100 for Phase
1, $5,260 for Phase 3, and $2,000 for the Switch Monitored PDU Add
On.\21\ Accordingly, the Exchange proposes the following power
installation fees for NY11-5: $4,100 for Phase 1, $5,260 for Phase 3,
and $2,000 for the Switch Monitored PDU Add On.\22\
---------------------------------------------------------------------------
\21\ See Rule General 8, Section 1(d).
\22\ See proposed Rule General 8, Section 1(d). To effect this
change, the Exchange proposes to amend Rule General 8, Section 1(d)
as follows. The Exchange proposes to amend the footnote designated
with a single asterisk (``*'') to insert, immediately after ``NY11-
4'' in the first full sentence of that footnote, the following:
``and NY11-5.'' The Exchange then proposes to delete, from the
second sentence in that footnote, the word ``only.'' Finally, the
Exchange proposes to delete the final sentence in that footnote. As
proposed, the Exchange would thus delete the words ``Fees for NY11-5
have yet to be established.'' See proposed Rule General 8, Section
1(d).
---------------------------------------------------------------------------
Second, the Exchange proposes ongoing monthly fees for Extension
Area PDUs in NY11-5 that are equal in amount to corresponding ongoing
monthly fees established for the same services in NY11-4. The Exchange
does not charge an ongoing monthly fee for such Extension Area PDUs in
NY11-4.\23\ Accordingly, the Exchange proposes to provide that the
ongoing monthly fee for Extension Area PDUs in NY11-5 is $0.\24\
---------------------------------------------------------------------------
\23\ See Rule General 8, Section 1(d).
\24\ See supra note 22 and accompanying text; proposed Rule
General 8, Section 1(d).
---------------------------------------------------------------------------
The Exchange believes that the proposed fees for Extension Area
PDUs in NY11-5 are reasonable because they are identical to established
fees for the corresponding Extension Area PDUs offered in NY11-4, which
offer the same technological features, capacities, and limitations as
those being offered in NY11-5. The Exchange notes that, as in NY11-4,
the proposed fees for Extension Area PDUs in NY11-5 include a primary
and redundant PDU. As such, Extension Area PDU fees for both NY11-4 and
NY11-5 cover a pair of PDUs. In addition, customers using a Phase 1 or
Phase 3 PDU provided by the Exchange have the ability to upgrade or
downgrade between amperage levels without replacing the PDU, by a
simple upgrade of the facility cord and a receptacle update. The
Exchange notes that the offered Extension Area PDUs are optional, and
that customers may choose to provide their own PDUs as appropriate for
their power choices.
[[Page 16762]]
Implementation
Although the timing is subject to change,\25\ the Exchange
anticipates providing access to the proposed offerings in NY11-5 on or
about April 1, 2026. Customer orders will not be fee liable until
customers are provided access to the space for their immediate use in
connection with their data center operations.\26\
---------------------------------------------------------------------------
\25\ The Exchange will announce modifications to the proposed
timing via the Nasdaq Customer Portal, which is the web portal used
for order and inventory management of colocation services, and email
communication to all colocation customers.
\26\ Charging customers once access is provided is consistent
with current practice and allows customers to set up equipment and
begin using power.
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that its proposal is consistent with Section
6(b) of the Act,\27\ in general, and furthers the objectives of
Sections 6(b)(4) and 6(b)(5) of the Act,\28\ in particular, in that it
provides for the equitable allocation of reasonable dues, fees and
other charges among members and issuers and other persons using any
facility, and is not designed to permit unfair discrimination between
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------
\27\ 15 U.S.C. 78f(b).
\28\ 15 U.S.C. 78f(b)(4) and (5).
---------------------------------------------------------------------------
The Exchange believes that its proposal to establish fees for
extended connectivity services in NY11-5, including those for a Cabinet
Offering, Extension Area Power Circuit Offerings, and Extension Area
PDUs, is reasonable.
The Exchange believes that the proposed installation fee for the
Cabinet Offering in NY11-5 is reasonable because, as discussed above,
the proposed fee is equivalent in all respects to established fees for
the corresponding cabinet offering in expansion area NY11-4, which
offerings feature substantially identical power capacities and
limitations as those in NY11-5. The Exchange is merely extending the
availability of that Cabinet offering at the proposed fees to NY11-5.
For extension areas NY11-4 and NY11-5, these higher voltage power
options are designed to meet the growing demand for greater power and
capacity options across the data center.
The Exchange believes that the proposed ongoing monthly fees for
Extension Area Power Circuit Offerings in NY11-5, which are the same in
amount and frequency as corresponding fees for Extension Area Power
Circuit Offerings in NY11-4 are reasonable because the two services
offer technologically similar features in terms of offered power
capacities and limitations. The Exchange is merely extending the
availability of such Extension Power Circuit Offerings at the proposed
fees to NY11-5.
The Exchange believes that the proposed fees for Extension Area
PDUs in NY11-5 are reasonable because they offer identical features as
those in NY11-4 and the Exchange is proposing fees for Extension Area
PDUs in NY11-5 that are the same in all respects as those for Extension
Area PDUs in NY11-4. The Exchange is merely extending the availability
of such Extension Area PDUs at the proposed fees to NY11-5.
The Exchange notes that, as in NY11-4, the proposed fees for
Extension Area PDUs in NY11-5 include a primary and redundant PDU. In
addition, customers using a Phase 1 or Phase 3 PDU provided by the
Exchange have the ability to upgrade or downgrade between amperage
levels without replacing the PDU. Finally, the Exchange notes that the
offered Extension Area PDUs are optional, and that customers may choose
to provide their own PDUs as appropriate for their power choices.
The Exchange believes that the proposed fee changes are not
unfairly discriminatory because the proposed NY11-5 Cabinet fees,
Extension Area Power Circuit Offerings in NY11-5, and Extension Area
PDUs for NY11-5 are available to and assessed uniformly across all
market participants. In addition, all customers have the choice of
whether to colocate with the Exchange.
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 burdens inter-market competition because
approval of the proposal does not impose any burden on the ability of
other exchanges to compete. The Exchange operates in a highly
competitive market in which market participants can determine whether
or not to connect to the Exchange based on the value received compared
to the cost of doing so. Indeed, market participants have numerous
alternative exchanges that they may participate on and direct their
order flow, as well as off-exchange venues, where competitive products
are available for trading.
Nothing in the proposal burdens intra-market competition because
the NY11-5 Cabinets, Extension Area Power Circuit Offerings and
Extension Area PDU optionality in NY11-5 are available to any customer
under the same fees as any other customer, and any customer that wishes
to order cabinets, power and PDUs can do so on a non-discriminatory
basis.
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)(ii) of the Act.\29\
---------------------------------------------------------------------------
\29\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------
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: (i)
necessary or appropriate in the public interest; (ii) for the
protection of investors; or (iii) 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#a5d7d0c9c088c6cac8c8c0cbd1d6e5d6c0c68bc2cad3"><span class="__cf_email__" data-cfemail="443631282169272b2929212a3037043721276a232b32">[email protected]</span></a>. Please include
file number SR-GEMX-2026-12 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-GEMX-2026-12. 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
[[Page 16763]]
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-GEMX-2026-12
and should be submitted on or before April 23, 2026.
---------------------------------------------------------------------------
\30\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\30\
Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-06338 Filed 4-1-26; 8:45 am]
BILLING CODE 8011-01-P
</pre><script data-cfasync="false" src="/cdn-cgi/scripts/5c5dd728/cloudflare-static/email-decode.min.js"></script></body>
</html>Indexed from Federal Register on April 2, 2026.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.