Q. How is NSX BLADE different from other exchange technology systems?
Q. What are my connectivity options into NSX BLADE?
Q. Where can I find NSX BLADE specifications?
Q. Can I also connect to NSX BLADE via the Internet?
Q. Are there any connectivity or testing fees imposed by NSX?
Q. What protocol does NSX BLADE support for order submission?
Q. What are the capacity benchmarks for NSX BLADE?
Q. How much bandwidth is needed for order entry into NSX BLADE?
Q. How much bandwidth is needed to receive NSX Depth of Book (DOB) feed?
Q. What permits are needed to trade directly on NSX BLADE?
Q. Is there an ETP Application fee or other annual fees?
Q. Does an ETP Holder have access to away markets?
Q. If my firm is not self-clearing; does my clearing firm also need to be an ETP Holder?
Q. Is there an opening or closing session on NSX BLADE?
Q. What time-in-force instructions does NSX BLADE accept?
Q. Will NSX route orders to away markets if not executed on NSX BLADE?
Q. Does NSX BLADE protect the identity of its clients?
Q. How are orders cleared on NSX BLADE?
Q. How are orders cleared that are routed out of NSX BLADE?
Q. What is the pricing structure for executions on NSX BLADE?
Q. What are your Trading Hours?
Q. Who is the NSX contact for trading questions?
Q. What are the supported order types that NSX offers?
Q. What market data is available from NSX?
Q. What extranet providers does NSX have relationships with?
Q. What type of communication protocol does NSX utilize?
Q. Who is the contact for FIX Connectivity setup and certification?
A. NSX BLADE® is a state-of-the-art automated order matching platform proprietary to the National Stock Exchange, Inc. (“NSX”). It is a price-time priority model built “from the ground up” specifically to meet today’s speed, price and service needs.
Q. How is NSX BLADE different from other exchange technology systems?
A. NSX BLADE offers key features which distinguish it from other technology systems currently available in the marketplace. These key elements are:
- Speed: NSX BLADE provides industry leading sub-millisecond turnaround time.
- Liquidity: Our pricing structure incentivizes all equity market participants to post their liquidity with NSX BLADE.
- Pricing: NSX continues to lead the industry with innovative pricing. NSX's fee schedule can be viewed at: www.nsx.com/content/nsx-fee-schedule.
- Order Delivery: NSX BLADE facilitates order delivery clients as well as auto-ex clients.
NSX’s state-of-the-art technology keeps overhead costs down and creates additional savings for our clients.
Q. What are my connectivity options into NSX BLADE?
A. ETP Holders (as such term is defined below) can connect easily either directly or through a number of network service providers.
Q. Where can I find NSX BLADE specifications?
A.NSX BLADE specifications can be found at: www.nsx.com/content/connect-to-nsx.
Q. Can I also connect to NSX BLADE via the Internet?
A. No. Production applications require a physical connection, but testing can be performed over the Internet.
Q. Are there any connectivity or testing fees imposed by NSX?
A. NSX imposes NO connectivity or testing charges.
Q. What protocol does NSX BLADE support for order submission?
A. NSX BLADE supports FIX 4.2.
Q. What are the capacity benchmarks for NSX BLADE?
A. NSX BLADE is designed and stress-tested to process sustained high message traffic, with capability for rapid expansion as volume dictates.
Q. How much bandwidth is needed for order entry into NSX BLADE?
A. NSX recommends at least 1 Mbps (mega bits per second) of bandwidth per each session into NSX BLADE. For example, if a client wishes to connect on 10 FIX sessions, then they should have a total 10 Mbps available for BLADE.
Q. How much bandwidth is needed to receive NSX Depth of Book (DOB) feed?
A. NSX requires 10 Mbps (mega bits per second) of bandwidth (for both Multicast and TCP) to receive NSX DOB feed. NSX also recommends that clients receiving NSX DOB feed have a redundant connection in place as a back-up solution.
Q. What permits are needed to trade directly on NSX BLADE?
A. Registered broker-dealers must complete an “Equity Trading Permit (ETP) Application” to obtain trading privileges on NSX. After review and approval of the application by NSX, the applicant becomes an “ETP Holder” authorized to effect approved securities transactions on NSX BLADE. A copy of the ETP Application can be found at www.nsx.com/content/connect-to-nsx.
Q. Is there an ETP Application fee or other annual fees?
A. There is NO ETP Application fee or any other annual fees. Maintaining ETP Holder status is also free of charge.
Q. Does an ETP Holder have access to away markets?
A. Yes. Approval as an “ETP Holder” will allow you to both interact with NSX BLADE liquidity and route to away markets as applicable.
Q. If my firm is not self-clearing, does my clearing firm also need to be an ETP Holder?
A. Yes. Both the executing broker and the clearing broker must each be a registered ETP Holder with NSX.
Q. Is there an opening or closing session on NSX BLADE?
A. No. ALL symbols are open for trading during NSX’s regular trading hours.
Q. What time-in-force instructions does NSX BLADE accept?
A. NSX BLADE accepts Day, Day +, IOC and GTC orders. GTC orders will be converted into Day orders upon receipt and cancelled at 4:00 p.m. (Eastern Time). Day + orders will remain open until 8:00 p.m. (Eastern Time).
Q. Will NSX route orders to away markets if not executed on NSX BLADE?
A. Yes. Subject to instructions to the contrary, NSX BLADE will automatically route orders outbound to access NBBO liquidity for ETP Holders as required under Regulation NMS. NSX also offers an “NSX Only” order type that will not be routed outside of the NSX Book.
Q. Does NSX BLADE protect the identity of its clients?
A. NSX BLADE is designed to provide anonymity during ALL stages of order execution - from the receipt of the order through the clearing process. NSX recognizes the importance of anonymity to its clients and makes anonymity its top priority.
Q. How are orders cleared on NSX BLADE?
A. Once two orders match on NSX BLADE, a report is sent to National Securities Clearance Corp. (NSCC) for clearance and settlement. All trades are reported to NSCC anonymously.
Q. How are orders cleared that are routed out of NSX BLADE?
A. All orders are cleared anonymously with NSX Securities LLC (NSXS) as the contra side to these trades.
Q. What is the pricing structure for executions on NSX BLADE?
A. NSX's most up-to-date fee and rebate schedule can be found at: www.nsx.com/content/nsx-fee-schedule.
Q. What are your Trading Hours?
A. NSX trading hours are 8:00 a.m. to 8:00 p.m. ET
Q. Who is the NSX contact for trading questions?
A. All questions should be directed to the NSX at 1-800-THE-EXCH (1-800-843-3924) or to NSXTrading@nsx.com and will be promptly answered.
Q. What are the supported order types that NSX offers?
A. NSX supports Market and Limit Orders on Tape A, B, and C securities. All other “order types” are modifiers/contingencies to these 2 main types. These include*:
|
Supported Order Types/ Contingencies & Modifiers |
|
|
Market Order |
A Market Order is defined as an order entered to access or execute against the opposite side of the market at the best available price, immediately. |
|
Market NSX Only |
A Market “NSX Only” Order is entered to access or execute against the opposite side of the NSX market at the best price available, within the NBBO, immediately. This order will NOT route out. |
|
Limit Order |
A Limit Order is entered at a specified price. The order can execute at that price or better. This order can route out and can be posted to the NSX Book. |
|
Limit IOC |
A Limit IOC Order is entered at a specified price and seeks immediate execution at that price or better. This order will not route out. |
|
Limit NSX Only |
A Limit NSX Only Order is entered at a specified price seeking execution at that price or better only within NSX. The order will not route out. |
|
Limit Post Only |
A Limit Post Only Order seeks to be a liquidity provider. It has a specified price. This order will reject upon entry if marketable. This order will not route out. |
|
Destination Route |
A Limit Destination Route Order is entered at a specified price and to be routed to a specified market center/ destination. This order always executes against the NSX book first and then routes to the specific destination. |
|
Reserve |
A limit order with an order quantity greater than the display quantity. The Display Quantity must be a Round Lot. |
|
Sweep and Post |
A Sweep and Post order will “walk” the NSX book and all the protected market centers, up to the order quantity and limit price. Any residual shares will be posted in the NSX book at the order price. |
|
Sweep and Cancel |
A Sweep and Cancel order will “walk” the NSX book and all the protected market centers, up to the order quantity and limit price. Any residual shares will be canceled. |
|
Destination Sweep |
Destination Sweep Order will execute against the NSX book first then sweep an away market center. NSX routes this order as Intermarket Sweep Order to the specified destination. |
|
ISO |
An Intermarket Sweep Order executes against NSX’s Protected Quote, regardless of the NBBO. |
|
Zero Display NSX Only |
A Zero Display “NSX Only” Order is entered with a valid order quantity and a display quantity of zero. Zero display orders will only participate on the NSX BLADE and are not routed. |
|
Zero Display Post Only |
A Zero Display “Post Only” Order is entered with a valid order quantity and a display quantity of zero. Zero Display “Post Only” orders can be marketable upon entry. Zero display orders only execute on the NSX BLADE as liquidity providers. |
|
Zero Display Pegged Order |
A Zero Display Pegged Order has display quantity of zero and is priced based on the pegging instructions. Mid-Points Pegs are priced to the middle of the NBBO. Market Pegs are priced to the opposite side of the NBBO. Primary Pegs are priced to the same side of the NBBO. |
|
Post ISO |
A Limit order that will post to the NSX Book regardless of the PBBO. These orders can be marked as Post?only or NSX?only. These orders are eligible to be canceled or cancel/ replaced. Reserve quantities are eligible. Note a “post?only” Post ISO will reject if marketable at NSX upon entry. An “NSX Only” will execute if marketable within the NSX upon entry. |
Q. What market data is available from NSX?
A. NSX offers the NSX DEPTH OF BOOK FEED via TCP/IP or Multicast at zero cost. To receive the feed, simply sign the Market Data Feed License Agreement which can be found at: www.nsx.com/content/connect-to-nsx.
Q. How do I subscribe?
A. Complete the DOB Feed License Agreement (available at: www.nsx.com/content/connect-to-nsx) and contact your sales representative for further instructions.
Q. What extranet providers does NSX have relationships with?
A. NSX has connectivity relationships with (but not limited to) BT Radianz, Yipes, Savvis, TNS and Verizon Financial Extranet (VFx).
Q. What type of communication protocol does NSX utilize?
A. NSX follows the TCP/ IP model for networking and has implemented FIX version 4.2 for Order Entry and Trade Submissions. More information can be found at: www.nsx.com/content/connect-to-nsx.
Q. Who is the contact for FIX Connectivity setup and certification?
A. All questions should be directed to the NSX at 1-800-THE-EXCH (1-800-843-3924) or to NSXTrading@nsx.com and they will be promptly answered.