Summary

  • NYSE National proposes a 4 kW partial-cabinet bundle at $19,000 a month plus a $12,000 initial charge; its operating date is still to be announced.
  • Qualification depends on the user's cabinet footprint together with its affiliates, not merely the equipment or legal entity named on an order.

A small trading operation is not necessarily a small colocation customer under NYSE National's rules. The relevant unit is a group-wide cabinet footprint. That distinction matters more than the headline doubling of power in its proposed Partial Cabinet Solution.

The notice published in the September 14 Federal Register sets out a 4 kW Option B beside the existing 2 kW Option A. The SEC notice is dated September 9 and concerns an August 26 filing. The exchange expects the change to become operative no later than October 31, with the date announced to customers. Filing effectiveness should not be read as a verified start of service.

More power, the same connection counts

Option B carries a $12,000 initial charge and a $19,000 monthly charge, against $10,000 and $16,500 for Option A. The monthly increment is $2,500, roughly 15.2%, while the power allowance doubles.

But the listed connection counts do not double. Both packages include one LCN connection, one IP connection, two NMS network connections, two fibre cross connections and a choice of the specified time feeds. The network-speed options remain part of the specification. Dividing the whole bundle's price by kW does not reveal an electricity tariff.

Nor does the quoted bundle establish the complete access bill. The notice says users need a circuit connecting outside the Mahwah data centre, generally supplied by telecommunications providers. That requirement belongs in the commercial comparison.

The group is the customer boundary

The user and its affiliates are limited to one PCS bundle. Their aggregate footprint after purchase must fit within 2 kW for Option A or 4 kW for Option B, counting both partial and dedicated cabinets. The notice's affiliation definition includes the relevant users or hosted customers under at least 50% common ownership or control. Certification is required.

A small subsidiary therefore cannot establish qualification simply by pointing to its own server load. The measure is cabinet footprint, not instantaneous electricity consumption. The notice also says the two options need different cabinets: an eligible existing 4 kW dedicated-cabinet user may convert, but that is not a promise of a software-only upgrade.

The SEC docket register records an earlier new-PCS proposal as withdrawn in July. This new filing deserves assessment on its own terms. The exchange expects at most a handful of new users, not a demonstrated wave of adoption.