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National Stock Exchange(R), Inc. (NSX(SM)) has filed with the Securities and Exchange Commission (SEC) for both a liquidity provider rebate and liquidity taker fee of $0.0030 per share for transactions executed through NSX BLADE(SM) in Nasdaq-listed securities, as well as NYSE and Amex-listed securities to be transitioned into NSX BLADE(SM) from the Exchange's legacy system, National Securities Trading System (NSTS(SM)). This new fee schedule, which is effective upon filing with the SEC, is the most aggressive in the industry.
The new pricing sets both the liquidity provider rebate and the execution fee for all Tape A, Tape B and Tape C securities at $0.0030 per share executed. The previous fee schedule provided a scaled liquidity provider rebate from $0.0027 to $0.0028 per share executed for Tape C securities.
"Our '30/30' pricing model underscores a fundamental difference between NSX and the other market centers that have chosen to raise their fees," said Joseph Rizzello, NSX CEO. "NSX has chosen to align our strategic interests with our customers, rather than compete with our customers. Eliminating the liquidity provider/taker spread in Tape C securities, and setting the bar for fees in Tape A and B securities, is consistent with NSX's long-standing commitment to being the cost-effective provider of exchange services. We are able to be the price leader because we have the best operating leverage in the business."
NSX BLADE(SM) was launched in October, with Tape C stocks currently being phased into NSX BLADE(SM) from NSTS(SM), and Tape A and Tape B stocks to be added soon. In addition to its highly competitive pricing, NSX BLADE(SM) offers order delivery, strict price-time priority, unprecedented speed, scalable capacity and a broad range of connectivity options.
NSX BLADE(SM) is part of NSX's completely new technology platform, which also includes the NASD/NSX Trade Reporting Facility(TM) (TRF). Introduced in November, the NASD/NSX TRF(TM) will facilitate OTC trade reporting for internally executed transactions in all NYSE, Nasdaq and Amex-listed stocks.
The new technology platform -- NSX BLADE(SM) and NASD/NSX TRF(TM) -- 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, OTC Market Markets, algorithmic traders and agency brokers.
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. For more information, visit NSX's website at http://www.nsx.com .
