Self-Regulatory Organizations; Proposed Rule Changes: Nasdaq PHLX LLC

Self-Regulatory Organizations; Nasdaq PHLX LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Amend Rule General 8 Connectivity

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 May 29, 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.

I. Self-Regulatory Organization's Statement of the Terms of Substance of the Proposed Rule Change

The Exchange proposes to amend Rule General 8 (Connectivity) to (1) remove from the list of services available under Rule General 8 certain offerings that are no longer in use by customers of the Exchange, and (2) update the terminology for certain technical specifications, as described below.

The text of the proposed rule change is available on the Exchange's website at https://listingcenter.nasdaq.com/rulebook/phlx/rulefilings, 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 amend Rule General 8 (Connectivity) to (1) remove services that are no longer in use by Exchange customers and (2) update certain terminology for technical specifications, as described below.

Removal of Certain Offerings No Longer in Use

The Exchange proposes to remove certain services from the list of connectivity services available on the Exchange due to lack of users and user demand for such services. Specifically, the Exchange proposes to amend subsection (1)(b) of Rule General 8, Section (1)  ⁽³⁾ titled "External Telco/Inter-Cabinet Connectivity" to remove the following connectivity services  ⁽⁴⁾ and their associated fees.

• 100MB Connectivity-Metro NY/NJ Area Destination
• 1G Connectivity-Metro NY/NJ Area Destination
• 10G Connectivity-Metro NY/NJ Area Destination
• 100MB Connectivity-Toronto Area Destination
• 1G Connectivity-Toronto Area Destination
• 10G Connectivity-Toronto Area Destination
• 100MB Connectivity-Chicago Area Destination
• 1G Connectivity-Chicago Area Destination
• 10G Connectivity-Chicago Area Destination

Next, the Exchange proposes to amend the list of market data connectivity services available under subsection 1(b) of Rule General 8 to delete the following market data feeds and services, as well as their associated fees:  ⁽⁵⁾

• Nasdaq
• OpenBook Realtime
• NYSE Alerts
• NYSE Trades
• Arca Trades
• Arca BBO
• AMEX-Ultra/Trades/Alerts/LRP
• OPRA
• CME
• Access Fee per location device/user
• CBOE
• BZX Depth
• BYX Depth
• EDGA Depth
• EDGX Depth
• TSX/TSXV
• TSX and TSXV Level 1 Feed
• TSX and TSXV Level 2 Feed
• TSX Quantum Level 1 Feed
• TSX Quantum Level 2 Feed

Next, the Exchange proposes to amend Rule General 8 Section 1(d) to delete from the list of additional services and products thereunder (1) the product titled "Cooling (Door) Fans"  ⁽⁶⁾ as well as its associated fees, and (2) the service titled "Power Consulting Service (billed in hourly increments)"  ⁽⁷⁾ and its associated fees.

The Exchange believes that deleting the described product and service, as proposed, is appropriate because no users currently have orders for that product or service, and no users have ordered, subscribed to or otherwise expressed interest in such product or service since on or about September 2025. Accordingly, the Exchange believes that there is no remaining demand for such services and thus proposes to discontinue them as obsolete.

The Exchange does not expect that the proposed changes would have any impact. As noted above, there are currently no users subscribing to the product or service being removed, and no user has subscribed to or otherwise ordered such product or service since as early as 2023. ⁽⁸⁾ The proposed changes would not apply differently to distinct types or sizes of market participants. Rather, they would apply to all Exchange customers equally. As is currently the case, the purchase of any connectivity product or service is completely voluntary and the Exchange's connectivity fee schedule in Rule General 8 is applied uniformly across all data center customers of the Exchange.

Updating Terminology for Certain Technical Specifications

The Exchange further proposes to amend its connectivity fee schedule under Rule General 8 to update references to certain technical specifications as follows. The Exchange proposes to amend Rule General 8, Section 1(c) (Power) to change all references to "110 volt" to "110/120 volt."  ⁽⁹⁾ The Exchange believes this change is appropriate because "120 volts" is the industry-standard term used to describe the nominal voltage level for North American electrical systems. Although terms such as 110V, 115V, and 120V are sometimes used interchangeably, they refer to the same underlying system. Updating the terminology in the fee schedule will thus promote clarity and align the Exchange's references with prevailing industry usage.

2. Statutory Basis

The Exchange believes that its proposal is consistent with Section 6(b) of the Act, ⁽¹⁰⁾ in general, and furthers the objectives of Section 6(b)(5) of the Act, ⁽¹¹⁾ 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.

The Exchange believes that discontinuing the offering of products and services discussed above as proposed would perfect the mechanisms of a free and open market and a national market system and, in general, protect investors and the public interest. The products and services that the Exchange proposes to remove from Rule General 8 have not been used by data center customers for a considerable time; there are currently no users subscribed to or using such offerings; and the Exchange is aware of no interest in subscriptions for such products or services. Accordingly, removing references to such products and services as well as their associated fees from the list of offerings available to data center customers of the Exchange would make Rule General 8 easier to navigate, understand, and administer.

Moreover, the Exchange believes the proposal to update outdated references to certain technical specifications will remove impediments to and perfect the mechanism of a free and open market by improving the clarity and accuracy of the Exchange's connectivity fee schedule under Rule General 8. Specifically, replacing references to "110 volt" with the industry-standard term "110/120 volt" will ensure that Rule General 8 uses terminology that is consistent with prevailing technical standards and commonly understood electrical specifications. The Exchange believes that enhancing the precision and readability of its rules benefits market participants and the public by reducing potential confusion and promoting transparency.

The Exchange believes that the proposed rule change does not significantly affect the protection of investors or the public interest. The proposed rule change would delete obsolete products and services from the Exchange's connectivity fee schedule under Rule General 8 to enhance clarity and thus prevent potential customer confusion. The Exchange believes that deleting obsolete services from the Exchange's connectivity schedule would not permit unfair discrimination, as the proposed changes would apply equally to all users.

With respect to the proposed updates to certain outdated technical specifications, the Exchange does not believe the proposed changes will significantly affect the protection of investors or the public interest because such changes consist of non-substantive changes to reflect current rather than outdated terminology, which will facilitate the understanding, use, and application of the Exchange's rules.

B. Self-Regulatory Organization's Statement on Burden on Competition

The Exchange does not believe that the proposed rule changes will impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act. The proposed rule changes, both the removal of obsolete services as well as the updating of certain technical specifications, are not designed to address any competitive issues but rather are designed to enhance the clarity and transparency of the Exchange's connectivity fee schedule and prevent potential customer confusion that may arise from the depiction of obsolete offerings or outdated terminology. With respect to the removal of obsolete offerings, the proposed changes will not impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act because these products and services have no current subscribers, and their removal will not affect access or pricing for any market participant. To the contrary, eliminating unused and outdated offerings reduces potential confusion in the connectivity fee schedule and promotes a clearer, more transparent set of available services, which benefits all participants equally.

With respect to the proposed updates to certain outdated technical specifications, the proposed changes will not impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Act because the proposal consists of a non-substantive terminology update that does not alter any service, functionality, or fee.

The Exchange does not believe the proposed deletion of obsolete offerings will impose any burden on intra-market or inter-market competition. Because no market participant currently uses these offerings, their removal cannot disadvantage any user or affect competitive conditions within the Exchange or among competing exchanges. In addition, and with respect to the proposed changes to outdated references to certain technical specifications, the proposal is purely a non-substantive terminology update which does not alter the availability, pricing, or functionality of any connectivity service and therefore has no competitive impact on any market participant or competing exchange.

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

Because the foregoing proposed rule change does not: (i) significantly affect the protection of investors or the public interest; (ii) impose any significant burden on competition; and (iii) become operative for 30 days from the date on which it was filed, or such shorter time as the Commission may designate, it has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act  ⁽¹²⁾ and subparagraph (f)(6) of Rule 19b-4 thereunder. ⁽¹³⁾

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

• Use the Commission's internet comment form ( https://www.sec.gov/rules/sro.shtml ); or

• Send an email to [email protected]. Please include file number SR-Phlx-2026-36 on the subject line.

Paper Comments

• 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-2026-36. 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 ( https://www.sec.gov/rules/sro.shtml ). 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-2026-36 and should be submitted on or before July 6, 2026.

⁽¹⁾  15 U.S.C. 78s(b)(1).

⁽²⁾  17 CFR 240.19b-4.

⁽³⁾  The Exchange further proposes to delete from Rule General 8 Section 1(b) the accompanying footnote designated with a double asterisk and reading as follows: "Includes fiber telco cross connect within Nasdaq data center."

⁽⁴⁾  The Exchange notes that no customers have subscribed to the connectivity services outlined herein since or about September 2025.

⁽⁵⁾  The Exchange notes that no customers have subscribed to the market data feeds and services outlined herein since or about August 2023.

⁽⁶⁾  The Exchange notes that no customers have subscribed to or otherwise used this service since at least on or about September 2025.

⁽⁷⁾  The Exchange notes that no customers have subscribed to or otherwise used this service since at least on or about September 2025.

⁽⁸⁾ See supra notes 4-7 and accompanying text.

⁽⁹⁾ See proposed Rule General 8, Section 1(c).

⁽¹⁰⁾  15 U.S.C. 78f(b).

⁽¹¹⁾  15 U.S.C. 78f(b)(5).

⁽¹²⁾  15 U.S.C. 78s(b)(3)(A)(iii).

⁽¹³⁾  17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file the proposed rule change at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has satisfied this requirement.

⁽¹⁴⁾  17 CFR 200.30-3(a)(12).