.jpg)
National Stock Exchange(R), Inc. (NSX(SM)) has received accelerated approval from the Securities and Exchange Commission (SEC) to increase its transaction credit to 100 percent from 50 percent of revenues generated by trades on NSX BLADE(SM) for Tape A (NYSE-listed), Tape B (Amex and Regional-listed) and Tape C (Nasdaq-listed) securities.
NSX's proposed rule change, approved by the SEC on July 3, was published yesterday in the Federal Register and is retroactive to April 1, 2007. NSX is the first stock exchange to receive approval for a 100 percent rebate on market data revenues earned from trades matched on an exchange.
"Being first to share 100 percent of market data revenue for Exchange-matched trades is consistent with NSX's history as an industry price leader and our commitment to putting customers first," said Joseph Rizzello, NSX CEO and Chairman of NSX Holdings, Inc. "This 100 percent rebate should enhance competition in the trading of Tape A, B and C securities, lowering the cost of trading to broker-dealers."
NASD, which has contracted with NSX to operate the NASD/NSX Trade Reporting Facility (TRF), has also filed for an increase to 100 percent from 50 percent of market data revenue earned from trades on the NASD/NSX TRF for Tape A, Tape B and Tape C securities. This filing is pending before the SEC.
NSX's new state-of-the-art technology platform -- NSX BLADE(SM) and NASD/NSX TRF -- was built from the ground up to meet the speed, price and service needs for a post-Regulation NMS environment and to accommodate the broadest range of users, including ECNs, algorithmic traders and agency brokers.
NSX BLADE offers strict price-time priority, order delivery, unprecedented speed and highly competitive pricing due to NSX's unique operating leverage. The NASD/NSX TRF facilitates trade reporting for internally executed OTC transactions. Both NSX BLADE and the NASD/NSX TRF are fully functional for all Tape A, Tape B and Tape C stocks.
NSX, the nation's first all-electronic stock exchange, is the cost-effective provider of exchange services. Having replaced its physical trading floor with a completely automated market in 1980, NSX has been a model of exchange efficiency and a driving force for change in the world of securities exchanges. Founded in 1885, NSX continues to lead the way in exchange innovation and is committed to aligning its interests with those of its customers. For more information, visit NSX's website at http://www.nsx.com.
