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National Stock Exchange(SM) (NSX(R)) today announced that Direct Edge ECN LLC has begun migrating its public quotations to NSX.
The migration onto NSX BLADE(SM), NSX's state-of-the art technology platform, began today and is expected to continue over the next several weeks. The quote migration to NSX from the Alternative Display Facility follows Direct Edge's decision to migrate their matched trade reports to the FINRA/NSX Trade Reporting Facility(TM) (TRF), a process that began in late September of this year.
"We welcome Direct Edge to NSX," said Joseph S. Rizzello, Chief Executive Officer of NSX. "Since implementing our new business plan, our goal has been to respond to our customers' needs for a cost-effective exchange platform on which to conduct their business. Direct Edge's move to NSX BLADE is an acknowledgement of the value offered by our unique business model. Our commitment to aligning our interests with those of our customers is stronger than ever."
William O'Brien, Chief Executive Officer of Direct Edge, added, "In conjunction with our recent significant growth, having our quote and trade volume clearly identifiable in a single market center is important to Direct Edge. Our positive experience migrating our matched trades to the FINRA/NSX TRF, coupled with NSX's customer-centric pricing structure, made NSX the obvious choice as our primary quoting venue. We look forward to a successful relationship."
Direct Edge's quote migration to NSX comes on the heels of the one-year anniversary of NSX BLADE. The launch of NSX BLADE, on October 23, 2006, was the culmination of a new business plan developed by NSX. The new technology platform was built from the ground up, specifically to meet the speed, price and service needs of a post Regulation NMS environment. It was designed to accommodate the broadest range of users, including ECNs, algorithmic traders and agency brokers.
NSX is the cost-effective provider of exchange services. 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.
