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National Stock Exchange, Inc. (“NSX”) announced today that it is in the final stages of relaunching its national securities exchange for trading equity securities and ETFs, subject to final approval by the Securities and Exchange Commission (“SEC”). Upon relaunch, NSX plans to employ a market and fee structure that will challenge long-standing and ordinary course exchange-industry practices.
Following final approval by the SEC, after public notice and comment period, NSX will relaunch with an experienced team of market professionals and operators led by Mark Sulavka, its Chairman and CEO. That team also includes CIO Mark Leischner (formerly of NYSE, MatchPoint) and Special Advisers, Bill Karsh (formerly of Direct Edge, Knight, SLK) and Kevin J. P. O’Hara (formerly of Archipelago, NYSE, CBoT). To address recent market structure concerns, NSX’s planned fee schedule will include a flat schedule of $0.00 to post liquidity and $0.0003 to remove liquidity.
“We believe there has largely been an absence of market structure innovation in the cash-equites exchange business over the last several years, in part because of significant exchange consolidation. We are determined to re-ignite innovation and drive market structure forward by addressing the dislocation of market liquidity by employing our low-cost fee schedule. Further, we are absolutely committed to introducing future technology and market structure innovation to address marketplace shortcomings and conflicts that have been the subject of intense SEC, media and investor scrutiny,” Sulavka said. “In becoming the leader in low-fee market access, NSX believes its model will lead to increased industry efficiency and transparency.”
