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National Stock Exchange, Inc. (NSX®) today announced changes in its NSX BLADESM Fee Schedule that provides a $0.35 per 100 shares executed liquidity rebate for transactions in more than 500 ETFs. The changes, which are some of the most aggressive in the industry, simplify trading for ETF liquidity providers by combining the liquidity payment and market data revenue sharing into one uniform rebate.
The new pricing is on AutoEx orders executed at $1.00 or more per share in Designated ETF Shares, up from $0.0030 per share executed. This new fee schedule was effective October 1st, upon filing with the Securities and Exchange Commission.
“With a liquidity provider rebate of 35 and a liquidity taker fee of 30 for most ETFs, NSX is the only Exchange to offer an inverted fee structure without any volume thresholds,” said Joseph S. Rizzello, Chief Executive Officer of NSX. “Our assertive new ETF fee structure is consistent with NSX’s long-standing commitment to providing aggressive pricing and transparency. It is the next chapter in our history of price leadership in this industry.”
Liquidity providers on AutoEx orders executed at less than $1.00 per share in Designated ETF Shares will receive a liquidity provider rebate of 0.35% of the price per share, up from 0.30 %. Under the new fee structure, AutoEx trades in Designated ETF Shares are not eligible for market data revenue.
All other transactions will continue to receive the highest liquidity provider rebates of any exchange, at $0.0030 per share executed for orders executed at $1.00 or more per share, and $0.0028 per share executed for orders using Order Delivery. Additionally, these trades will continue to receive market data revenue transaction credits paid at the end of the quarter.
To view NSX's full list of the designated ETF shares schedule, go to: http://www.nsx.com/PDF/Fee_Schedule_Oct_07.pdf.
The new fee structure is another example of NSX’s commitment to meeting the changing needs of its customers. Starting in June of 2007, NSX began publishing key month-end ETF Data Reports. The latest report, released today, announces that U.S. listed Exchange-Traded Fund (ETF) assets reached $566.2 billion at the end of September 2007, up 51.7 percent from $373.2 billion at the end of September 2006.
ETF notional trading volume totaled $1.2 trillion in September 2007, representing approximately 26 percent of the total U.S. cash equity notional trading volume and up 95 percent over the year ago period.
Net cash flow into ETFs at the end of September 2007 totaled $81.7 billion year-to-date, up 104 percent over the same year-ago period.
To view NSX's full ETF Data Report, go to: http://www.nsx.com/etf_data.asp . The Report provides ETF data on Assets Under Management (AUM), Net Cash Flow and Notional Volume, broken out by Issuer, by Category, and the Top 10 ETFs by Size. In addition, NSX is now publishing a product-by-product breakdown of the more than 580 ETFs on which the data is based. This list can be accessed at: http://www.nsx.com/etf_data2.asp.
NSX is the cost-effective provider of exchange services, committed to aligning its interests with those of its customers. Founded in 1885, NSX has been a driving force for change in the world of securities exchanges and continues to lead the way in exchange innovation.
