Connector system with air flow

A receptacle, comprising:

• a housing defining a first mating interface and a second mating interface, the housing supporting a plurality of terminals, the terminals having tails for mounting to a circuit board and contacts configured to engage a mating connector, the contacts extending to a first mating interface and a second mating interface;
• a cage having a front face and a rear face, the cage defining a top port and a bottom port, the top port aligned with the first mating interface and the bottom port aligned with the second mating interface, the cage further including a cooling channel positioned between the top and bottom port, the cage having a rear grill on the rear face and a front grill on the front face;
• and
• a thermal coupling plate provided approximate the bottom port, the thermal coupling plate thermally coupled to a transfer member positioned in the cooling channel, wherein the front grill is in communication with the rear grill via the cooling channel and the thermal coupling plate is configured to conduct thermal energy from an inserted plug module to the transfer member.