NSX Now...
Welcome to today’s National Stock ExchangeSM (NSX®) – a very different Exchange from the one that existed just a few years ago.
The launch of a brand new state-of-the-art technology platform, NSX BLADE®, in the fourth quarter of 2006, was the culmination of a major transformation that began a year earlier with the development of an entirely new business plan for NSX.
Our demutualization into a for-profit corporation in 2006, the equity investments that followed from six leading Wall Street firms and ECNs, our establishment of an East Coast headquarters to complement our Chicago presence, the introduction of NSX BLADE – all contributed to the rise of a new NSX.
We built an entirely new technology platform, from the ground up, specifically to meet the speed, price and service needs for a new era in the securities industry -- a post-Regulation NMS world.
In response to widespread concerns about Exchange consolidation and its potential impact on cost and service, we transformed NSX into the alternative the industry wanted – an entity to keep prices in check, to keep innovation alive, and to keep the interests of customers front and center.
With our cutting edge technology and the lowest cost structure in the industry, NSX has the flexibility and the capability to deliver what the industry is seeking and as those needs continue to evolve.
NSX is committed to providing aggressive pricing, to promoting transparency, to preserving competition and the innovation it fosters – and, foremost, to aligning our interests with those of our customers.
Welcome to today’s National Stock Exchange – Redefining Exchange Efficiency.
...And Then
In 1885, when a group of Cincinnati businessmen gathered together to auction the shares of a handful of local companies, they saw an opportunity linked to their location – the possibility of profiting from their proximity to some rapidly expanding businesses.
History proved them correct. Forerunner to the National Stock Exchange (NSX), the Cincinnati Stock Exchange was established and flourished in tandem with the U.S. economy and, unlike many other exchanges at the time, survived the depression and the war years.
But location, once the basis for the Exchange's existence, was to become meaningless. In 1980, the Exchange replaced our physical trading floor and became the first all-electronic stock exchange in the United States.
NSX History – Key Milestones
National Stock Exchange, the nation's first all-electronic stock exchange, is the low-cost provider of exchange services. A model of exchange efficiency, NSX has been a driving force for change in the world of securities exchanges, responsible for many industry innovations:
- 1980: NSX replaced its physical trading floor with a completely automated market, becoming the first all-electronic stock exchange in the U.S.
- 1986: NSX introduced the first automated exchange interface with the Intermarket Trading System (ITS), which enabled its members to interact electronically with all other markets to get the best possible execution prices for their public customers.
- 1992: NSX pioneered internalization in an electronic, competing specialist exchange environment. This model allowed member firms to provide public customers with lower cost and higher quality executions.
- 1993: NSX was the first exchange to develop a complete electronic order audit trail for regulatory purposes.
- 1998: NSX created the first market data revenue-sharing program, which has saved the industry more than $100 million annually.
- 2006: NSX introduced its new business plan culminating in the launch of NSX BLADE, an entirely new state-of-the-art technology platform built from the ground up.