Notice2026-19866
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule General 8 To Establish Fees for Liquid-Cooled Cabinets
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
September 29, 2026
Issuing agencies
Securities and Exchange Commission
Full Text
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<title>Federal Register, Volume 91 Issue 187 (Tuesday, September 29, 2026)</title>
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[Federal Register Volume 91, Number 187 (Tuesday, September 29, 2026)]
[Notices]
[Pages 61478-61482]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2026-19866]
[[Page 61478]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-106489; File No. SR-Phlx-2026-57]
Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change To Amend Rule
General 8 To Establish Fees for Liquid-Cooled Cabinets
September 24, 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 September 14, 2026, Nasdaq PHLX LLC (``Phlx'' or ``Exchange'') filed
with the Securities and Exchange Commission (``SEC'' or ``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.
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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 amend Exchange Rule General 8 to establish
fees for Liquid-Cooled Cabinets installation, Liquid-Cooled Cabinet
Power Installation and Liquid-Cooled Cabinet Power in the Exchange's
expanded data center. While these amendments are immediately effective,
the Exchange proposes to implement the proposed fees during the fourth
calendar quarter (``Q4'') of 2026. The Exchange will notify customers
of the implementation date by Trader Alert.
The text of the proposed rule change is available on the Exchange's
website at <a href="https://listingcenter.nasdaq.com/rulebook/phlx/rulefilings">https://listingcenter.nasdaq.com/rulebook/phlx/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 current data center in Carteret, New Jersey,
consists of the original data center, also known as ``NY11,'' and
expansion areas NY11-4 and NY11-5. The Exchange proposes to amend Rule
General 8, Section 1 to establish fees for Liquid-Cooled Cabinets
installation, Liquid-Cooled Cabinet Power Installation, and Liquid-
Cooled Cabinet Power in NY11-5. The Exchange previously filed to expand
its co-location services by offering Liquid-Cooled Cabinets in NY11-
5.\3\ In that filing, the Exchange stated that it would submit a
separate fee filing to establish fees for those services. This proposed
rule change establishes those fees.
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\3\ See Securities Exchange Act Release No. 105009 (Mar. 16,
2026), 91 FR 13381 (Mar. 19, 2026) (SR-Phlx-2026-10).
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Currently, co-location customers have the option of obtaining a
cabinet capable of accommodating varying power options. Co-location
customers may obtain a Cabinet and choose among varying power options
as provided under Rule General 8, Section 1. In an earlier proposal,
the Exchange introduced an additional cabinet option in NY11-5.
Specifically, the Exchange introduced a cabinet featuring liquid
cooling, a cooling method that uses liquid, rather than air, to absorb
and transfer heat away from equipment, such as servers (``Liquid-Cooled
Cabinet''). Depending on business needs of data center customers, a
Liquid-Cooled Cabinet might be more attractive to data center customers
because liquid cooling is more efficient and enables space optimization
in ways that air cooling methods would struggle to support. For
example, a Liquid-Cooled Cabinet could handle greater power densities
within a given space than would air cooling. For data center customers,
this translates into the ability to deploy more computing power within
the same cabinet footprint. In effect, Liquid-Cooled Cabinets allow
data center customers to install more of the computing equipment that
data center customers typically use within their cabinet than they
would with air cooling methods because liquid cooling is more efficient
at dissipating heat from a given cabinet space. The Exchange notes that
data center customers prefer denser environments to minimize distance
between equipment and thus maximize computing power within a given
space. The Liquid-Cooled Cabinet option is only offered in NY11-5
because the required liquid-cooled infrastructure necessary to support
the proposed cabinets is not available in other parts of the data
center. The Exchange notes that Liquid-Cooled Cabinets are offered as
one other option for data center customers to choose from because
traditionally cooled cabinets throughout the data center will continue
to provide the level of thermal management appropriate for each cabinet
offering that the Exchange provides.
As discussed above, the Exchange is offering the Liquid-Cooled
Cabinets as a convenience to its customers and notes that use of co-
location services, including the proposed Liquid-Cooled Cabinet
service, is completely optional. Liquid-Cooled Cabinets are an optional
premium co-location offering designed to support customer equipment
with enhanced cooling capabilities. Co-location services, including the
proposed offering, are voluntary, and each customer may determine
whether any co-location option is appropriate for its business needs.
The Exchange proposes to establish separate installation fees for
Liquid-Cooled Cabinets under Rule General 8, Section 1(a). Customers
may elect to use a Nasdaq-provided Liquid-Cooled Cabinet or, unlike
traditional air-cooled cabinets that must be Nasdaq-provided, may
supply their own Liquid-Cooled Cabinet for use within the dedicated
liquid-cooling enclosure in NY11-5. For a Nasdaq-provided Liquid-Cooled
Cabinet, the Exchange proposes to assess an installation fee of $5,490
and no ongoing monthly fee. The proposed $5,490 installation fee is the
same NY11-4/-5 installation fee currently applicable to a standard
Cabinet under Rule General 8, Section 1(a). For a customer-provided
Liquid-Cooled Cabinet, the Exchange proposes to assess an installation
fee of $2,500 and no ongoing monthly fee.
Providing both options is appropriate because the Liquid-Cooled
Cabinet offering is purpose-built for the customer within a dedicated
enclosure specifically designed to support the customer's liquid-
cooling infrastructure requirements. Depending on the customer's
particular equipment and infrastructure needs, a customer-provided
cabinet may be more appropriate, while other customers may prefer the
convenience of a Nasdaq-provided cabinet. The proposed customer-
provided cabinet installation fee reflects the separate installation
work associated with permitting the customer to use its own Liquid-
Cooled Cabinet within the dedicated NY11-5
[[Page 61479]]
liquid-cooling environment, while the proposed Nasdaq-provided cabinet
installation fee reflects the furnishing and installation of a Nasdaq-
provided Liquid-Cooled Cabinet. Unlike the installation of a
traditional air-cooled cabinet, installation of a Liquid-Cooled Cabinet
involves specialized infrastructure within the dedicated NY11-5 liquid-
cooling environment and additional coordination to support the
customer's liquid-cooling requirements.
The Exchange also proposes to establish installation and ongoing
monthly fees for Liquid-Cooled Cabinet Power as follows.
Liquid-Cooled Cabinet Power would be available only in connection
with Liquid-Cooled Cabinets in NY11-5 and would be subject to a one-
year, two-year, or three-year commitment, as selected by the customer.
The installation fee for Liquid-Cooled Cabinet Power would consist of
the applicable standard NY11-4/-5 cabinet power installation fee, as
set forth in Rule General 8, Section 1(c), plus an additional per-kVA
\4\ Liquid-Cooled Cabinet Power installation charge. The additional
per-kVA installation charge would be $1,800 per kVA for a one-year
commitment, $1,650 per kVA for a two-year commitment, and $1,500 per
kVA for a three-year commitment. The ongoing monthly fee would be
assessed per kVA based on the customer's selected commitment term:
$1,000 per kVA per month for a one-year commitment, $900 per kVA per
month for a two-year commitment, and $800 per kVA per month for a
three-year commitment.
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\4\ Kilovolt-Amperes (kVA) is a unit of apparent power used to
describe the capacity of electrical circuits and equipment. In
alternating current (AC) systems, power consists of two components:
real power (kW) and reactive power (kVAR). Real power, or kW, is the
actual usable power that performs work, such as running servers or
cooling systems, whereas reactive power, or kVAR, is the power that
sustains the magnetic and electric fields in equipment but does not
perform useful work. Because AC systems often have both real and
reactive components, kVA measures the total apparent power, which is
the combination of real and reactive power--the full load the
circuit must carry. The relationship between kilowatts and kVA
depends on the power factor (PF) which reflects how efficiently
electrical power is converted into useful work: kW = kVA x PF. In
the context of data center operations, electrical power is commonly
expressed in two units: kilowatts (kW) and kilovolt-amperes (kVA).
While these terms measure different aspects of electrical power--kW
representing real power consumed by equipment and kVA representing
apparent power supplied--they are closely correlated in environments
where the power factor approaches unity. Modern data centers
typically operate at or near a power factor of 1.0, resulting in
minimal variance between kW and kVA. Accordingly, these measures, kW
and kVA, are often treated as interchangeable for practical
purposes.
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The Exchange calculates the amount of power associated with each
Liquid-Cooled Cabinet Power option using the same general power-based
methodology reflected in its existing cabinet power fee schedule. For
single-phase power options, the Exchange calculates kVA by multiplying
volts by amps and dividing by 1,000. For three-phase power options, the
Exchange calculates kVA by multiplying volts by amps by the square root
of three, and then dividing by 1,000.\5\
For the Single Phase 240 Volt 20 Amp option, the Exchange
calculates the associated kVA as 240 volts multiplied by 20 amps,
divided by 1,000, which equals 4.80 kVA.
The ongoing monthly fee is calculated by multiplying 4.80 kVA by
the applicable monthly per-kVA rate. Accordingly, the proposed ongoing
monthly fee would be $4,800 for a one-year commitment, $4,320 for a
two-year commitment, and $3,840 for a three-year commitment. The
installation fee is calculated by adding the applicable $3,600 standard
NY11-4/-5 installation fee to the additional per-kVA Liquid-Cooled
Cabinet Power installation charge. Accordingly, the proposed
installation fee would be $12,240 for a one-year commitment, calculated
as $3,600 plus 4.80 kVA multiplied by $1,800; $11,520 for a two-year
commitment, calculated as $3,600 plus 4.80 kVA multiplied by $1,650;
and $10,800 for a three-year commitment, calculated as $3,600 plus 4.80
kVA multiplied by $1,500.
For the Single Phase 240 Volt 32 Amp option, the Exchange
calculates the associated kVA as 240 volts multiplied by 32 amps,
divided by 1,000, which equals 7.68 kVA. The ongoing monthly fee is
calculated by multiplying 7.68 kVA by the applicable monthly per-kVA
rate. Accordingly, the proposed ongoing monthly fee would be $7,680 for
a one-year commitment, $6,912 for a two-year commitment, and $6,144 for
a three-year commitment. The installation fee is calculated by adding
the applicable $3,600 standard NY11-4/-5 installation fee to the
additional per-kVA Liquid-Cooled Cabinet Power installation charge.
Accordingly, the proposed installation fee would be $17,424 for a one-
year commitment, calculated as $3,600 plus 7.68 kVA multiplied by
$1,800; $16,272 for a two-year commitment, calculated as $3,600 plus
7.68 kVA multiplied by $1,650; and $15,120 for a three-year commitment,
calculated as $3,600 plus 7.68 kVA multiplied by $1,500.
For the Single Phase 240 Volt 40 Amp option, the Exchange
calculates the associated kVA as 240 volts multiplied by 40 amps,
divided by 1,000, which equals 9.60 kVA. The ongoing monthly fee is
calculated by multiplying 9.60 kVA by the applicable monthly per-kVA
rate. Accordingly, the proposed ongoing monthly fee would be $9,600 for
a one-year commitment, $8,640 for a two-year commitment, and $7,680 for
a three-year commitment. The installation fee is calculated by adding
the applicable $3,600 standard NY11-4/-5 installation fee to the
additional per-kVA Liquid-Cooled Cabinet Power installation charge.
Accordingly, the proposed installation fee would be $20,880 for a one-
year commitment, calculated as $3,600 plus 9.60 kVA multiplied by
$1,800; $19,440 for a two-year commitment, calculated as $3,600 plus
9.60 kVA multiplied by $1,650; and $18,000 for a three-year commitment,
calculated as $3,600 plus 9.60 kVA multiplied by $1,500.
For the 3 Phase 415 Volt 20 Amp option, the Exchange calculates the
associated kVA as 415 volts multiplied by 20 amps multiplied by the
square root of three, divided by 1,000, which equals approximately
14.38 kVA. The ongoing monthly fee is calculated by multiplying
approximately 14.38 kVA by the applicable monthly per-kVA rate.
Accordingly, the proposed ongoing monthly fee would be $14,375.60 for a
one-year commitment, $12,938.04 for a two-year commitment, and
$11,500.48 for a three-year commitment. The installation fee is
calculated by adding the applicable $4,560 standard NY11-4/-5
installation fee to the additional per-kVA Liquid-Cooled Cabinet Power
installation charge. Accordingly, the proposed installation fee would
be $30,436.08 for a one-year commitment, calculated as $4,560 plus
approximately 14.38 kVA multiplied by $1,800; $28,279.74 for a two-year
commitment, calculated as $4,560 plus approximately 14.38 kVA
multiplied by $1,650; and $26,123.40 for a three-year commitment,
calculated as $4,560 plus approximately 14.38 kVA multiplied by $1,500.
For the 3 Phase 415 Volt 32 Amp option, the Exchange calculates the
associated kVA as 415 volts multiplied by 32 amps multiplied by the
square root of three, divided by 1,000, which equals approximately
23.00 kVA. The ongoing monthly fee is calculated by multiplying
approximately 23.00 kVA by the applicable monthly per-kVA rate.
Accordingly, the proposed ongoing monthly fee would be $23,000.96 for a
one-year commitment, $20,700.86 for a two-year commitment, and
$18,400.77 for a three-year commitment. The installation fee is
calculated by adding the applicable $4,560 standard NY11-4/-5
installation fee to the additional per-kVA Liquid-Cooled Cabinet Power
installation charge. Accordingly, the proposed installation fee would
be $45,961.73 for a one-year commitment, calculated as $4,560 plus
approximately 23.00 kVA multiplied by $1,800; $42,511.58 for a two-year
commitment, calculated as $4,560 plus approximately 23.00 kVA
multiplied by $1,650; and $39,061.44 for a three-year commitment,
calculated as $4,560 plus approximately 23.00 kVA multiplied by $1,500.
[GRAPHIC] [TIFF OMITTED] TN29SE26.053
[[Page 61481]]
For the 3 Phase 415 Volt 40 Amp option, the Exchange calculates the
associated kVA as 415 volts multiplied by 40 amps multiplied by the
square root of three, divided by 1,000, which equals approximately
28.75 kVA. The ongoing monthly fee is calculated by multiplying
approximately 28.75 kVA by the applicable monthly per-kVA rate.
Accordingly, the proposed ongoing monthly fee would be $28,751.20 for a
one-year commitment, $25,876.08 for a two-year commitment, and
$23,000.96 for a three-year commitment. The installation fee is
calculated by adding the applicable $4,560 standard NY11-4/-5
installation fee to the additional per-kVA Liquid-Cooled Cabinet Power
installation charge. Accordingly, the proposed installation fee would
be $56,312.16 for a one-year commitment, calculated as $4,560 plus
approximately 28.75 kVA multiplied by $1,800; $51,999.48 for a two-year
commitment, calculated as $4,560 plus approximately 28.75 kVA
multiplied by $1,650; and $47,686.80 for a three-year commitment,
calculated as $4,560 plus approximately 28.75 kVA multiplied by $1,500.
For the 3 Phase 415 Volt 60 Amp option, the Exchange calculates the
associated kVA as 415 volts multiplied by 60 amps multiplied by the
square root of three, divided by 1,000, which equals approximately
43.13 kVA. The ongoing monthly fee is calculated by multiplying
approximately 43.13 kVA by the applicable monthly per-kVA rate.
Accordingly, the proposed ongoing monthly fee would be $43,130 for a
one-year commitment, $38,817 for a two-year commitment, and $34,504 for
a three-year commitment. The installation fee is calculated by adding
the applicable $4,560 standard NY11-4/-5 installation fee to the
additional per-kVA Liquid-Cooled Cabinet Power installation charge.
Accordingly, the proposed installation fee would be $82,194 for a one-
year commitment, calculated as $4,560 plus approximately 43.13 kVA
multiplied by $1,800; $75,724.50 for a two-year commitment, calculated
as $4,560 plus approximately 43.13 kVA multiplied by $1,650; and
$69,255 for a three-year commitment, calculated as $4,560 plus
approximately 43.13 kVA multiplied by $1,500.
The proposed installation and ongoing monthly fees therefore scale
with the amount of electrical capacity associated with the selected
Liquid-Cooled Cabinet Power option and the length of the customer's
selected commitment term. This structure applies the same calculation
consistently across the available Liquid-Cooled Cabinet Power options
while providing customers that elect longer commitment terms with lower
per-kVA rates.
The Exchange proposes separate cabinet installation fees and tiered
Liquid-Cooled Cabinet Power pricing to reflect the optional nature of
the offering and the different services customers may elect. The
proposed $5,490 installation fee for a Nasdaq-provided Liquid-Cooled
Cabinet is consistent with the existing NY11-4/-5 installation fee for
a standard Cabinet under Rule General 8, Section 1(a), and no ongoing
monthly cabinet fee would apply. The proposed $2,500 installation fee
for a customer-provided Liquid-Cooled Cabinet reflects the separate
installation work associated with permitting the customer to use its
own Liquid-Cooled Cabinet within the dedicated NY11-5 liquid-cooling
environment, and no ongoing monthly cabinet fee would apply. The
proposed tiered pricing for Liquid-Cooled Cabinet Power provides
customers with lower effective rates for longer-term commitments, which
supports the Exchange's continued investment in making this specialized
optional offering available. The proposed fees are higher than the fees
applicable to standard air-cooled cabinets and associated power because
Liquid-Cooled Cabinets are a premium product that provide enhanced
liquid-cooling functionality and require specialized infrastructure,
shared cooling capacity, and additional operational support beyond
those required for standard co-location cabinets. The Exchange believes
that the proposed fees are designed to reflect the value of the
enhanced functionality, specialized infrastructure, customer choice,
and dedicated capacity associated with Liquid-Cooled Cabinets and
Liquid-Cooled Cabinet Power, while helping to support the Exchange's
continued investment in this optional premium offering.
The proposed Liquid-Cooled Cabinet offering is optional. Customers
are not required to purchase Liquid-Cooled Cabinet installation,
Liquid-Cooled Cabinet Power Installation or Liquid-Cooled Cabinet Power
to connect to the Exchange, to maintain co-location services, or to
access any Exchange system. Customers may continue to use existing
cabinet and power offerings under Rule General 8, Section 1, as
applicable. Customers that elect the Liquid-Cooled Cabinet offering may
choose between a Nasdaq-provided Liquid-Cooled Cabinet and a customer-
provided Liquid-Cooled Cabinet based on their business and
infrastructure needs.
The Exchange is offering Liquid-Cooled Cabinets in response to
customer demand for infrastructure capable of supporting increasingly
power-dense computing equipment. Although the Exchange is not aware of
another exchange that currently offers a comparable liquid-cooled
cabinet product in its co-location fee schedule, liquid-cooling
technology is available in the broader data center industry and is not
novel in data center or communications infrastructure. Accordingly, the
proposal reflects the Exchange's effort to make available, as an
optional premium co-location service, an infrastructure option that is
responsive to evolving customer equipment and cooling needs. The
Exchange proposes to implement the proposed fees during Q4 of 2026. The
Exchange will notify customers of the implementation date by Trader
Alert.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6(b) of the Act, in general, and furthers the objectives
of Sections 6(b)(4) and 6(b)(5) of the Act, in particular, because 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.
The Exchange believes that the proposed fees are reasonable because
they are designed to reflect the value of the enhanced functionality,
specialized infrastructure, customer choice, and dedicated capacity
associated with Liquid-Cooled Cabinets and Liquid-Cooled Cabinet Power,
while helping to support the Exchange's continued investment in this
optional premium offering. The proposed $5,490 installation fee for a
Nasdaq-provided Liquid-Cooled Cabinet is reasonable because it is
consistent with the existing NY11-4/-5 installation fee for a standard
Cabinet under Rule General 8, Section 1(a) and because installation of
a Liquid-Cooled Cabinet is more involved than installation of a
traditional air-cooled cabinet due to the specialized infrastructure
and coordination required within the dedicated NY11-5 liquid-cooling
environment. The proposed $2,500 installation fee for a customer-
provided Liquid-Cooled Cabinet is reasonable because it applies only
where the customer provides the cabinet and reflects the separate
installation work associated with making the customer-provided cabinet
available for use
[[Page 61482]]
within that specialized, dedicated NY11-5 liquid-cooling environment.
The proposed Liquid-Cooled Cabinet Power installation fees are
reasonable because they apply to the initial provisioning of Liquid-
Cooled Cabinet Power and reflect the specialized infrastructure,
configuration, and dedicated capacity associated with making the
service available to a customer. The proposed ongoing monthly fees for
Liquid-Cooled Cabinet Power are reasonable because they reflect the
continuing availability of enhanced liquid-cooling functionality,
specialized infrastructure, and capacity throughout the customer's
selected commitment term.
The Exchange believes that the proposed tiered pricing is
reasonable because it offers customers lower installation and monthly
rates when they elect longer commitment terms. Longer-term commitments
provide the Exchange with greater certainty regarding use of the
specialized infrastructure and shared capacity required to support
Liquid-Cooled Cabinets, and the proposed discounts are designed to
encourage such commitments while allowing customers to choose the term
that best fits their business needs.
The Exchange believes that the proposed fees are equitably
allocated and not unfairly discriminatory because they will apply
uniformly to all similarly situated customers that elect the same
Liquid-Cooled Cabinet and Liquid-Cooled Cabinet Power options in NY11-
5. Customers that choose a Nasdaq-provided Liquid-Cooled Cabinet will
be assessed the same Nasdaq-provided cabinet installation fee, and
customers that choose a customer-provided Liquid-Cooled Cabinet will be
assessed the same customer-provided cabinet installation fee. The
service is optional, and customers that do not require liquid-cooling
functionality may continue to use the Exchange's existing co-location
cabinet and power offerings, as applicable.
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. The proposed fees apply only to
an optional premium co-location service. Customers are not required to
purchase Liquid-Cooled Cabinet installation, Liquid-Cooled Cabinet
Power Installation or Liquid-Cooled Cabinet Power to connect to the
Exchange or to receive co-location services, and customers will
continue to have existing options for cabinet and power offerings to
satisfy their business needs.
The Exchange believes that the proposal may enhance competition by
expanding the range of optional co-location services available to
customers, including customers that seek infrastructure options
designed to support increasingly power-dense equipment. The proposal
also gives customers flexibility to choose between a Nasdaq-provided
Liquid-Cooled Cabinet and a customer-provided Liquid-Cooled Cabinet
based on their business and infrastructure needs. The proposed fee
structure reflects the value of the enhanced functionality, specialized
infrastructure, customer choice, and dedicated capacity associated with
Liquid-Cooled Cabinets, Liquid-Cooled Cabinet Power Installation and
Liquid-Cooled Cabinet Power, and customers remain free to use existing
cabinet and power offerings to satisfy their business needs.
Accordingly, the Exchange does not believe that the proposal will
impose any burden on intermarket or intramarket competition.
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.\6\
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\6\ 15 U.S.C. 78s(b)(3)(A)(ii).
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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: (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#eb999e878ec6888486868e859f98ab988e88c58c849d"><span class="__cf_email__" data-cfemail="86f4f3eae3abe5e9ebebe3e8f2f5c6f5e3e5a8e1e9f0">[email protected]</span></a>. Please include
file number SR-Phlx-2026-57 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-Phlx-2026-57. 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-Phlx-2026-57 and should be submitted on
or before October 20, 2026.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Sherry R. Haywood,
Assistant Secretary.
[FR Doc. 2026-19866 Filed 9-28-26; 8:45 am]
BILLING CODE 8011-01-P
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