November 2006
NSX Launches NASD/NSX TRF
Tuesday, November 28, 2006
CHICAGO, November 28, 2006 - National Stock Exchange®, Inc. (NSXSM) today announced that it launched the NASD/NSX Trade Reporting Facility (TRF) on November 27, 2006. NSX is the first exchange to provide the securities industry with an alternative to the existing TRF.
The NASD/NSX TRF will facilitate OTC trade reporting for internally executed transactions in all NYSE, Nasdaq and Amex-listed stocks. It currently offers trade reporting in Nasdaq-listed stocks. The facility is operated by NSX and regulated by the NASD. The NASD/NSX TRF is part of NSX's completely new, state-of-the-art technology platform, which includes the recently launched NSX BLADESM.
"NSX was determined to bring a competitive TRF to market as soon as possible to provide a viable alternative for those doing over-the-counter trading in exchange-listed stocks," said NSX CEO Joseph Rizzello. "We are pleased to announce that trading on the NASD/NSX TRF began yesterday in Tape C stocks, and Tape A and B stocks will be added in the near future. The launch demonstrates NSX's ability to adapt quickly to changing market conditions and to respond with solutions that offer investors choices. The NASD/NSX TRF combines with NSX BLADE to form an unrivaled platform, built to accommodate the broadest range of users, including OTC Market Makers, ECNs, algorithmic traders and agency brokers."
NSX's new technology platform -- the NASD/NSX TRF and NSX BLADE -- was built from the ground up specifically to meet the speed, price and service needs in a post-Regulation NMS environment. NSX BLADE, introduced in October, has already attracted market participants, including two major ECNs - BATS and Track ECN. NSX BLADE offers order delivery, strict price-time priority, unprecedented speed, and highly competitive exchange pricing due to NSX's unique operating leverage. Additional features of NSX BLADE include scalable capacity, a broad range of connectivity options, and anonymity during all stages of order execution.
NSX is the cost-effective provider of exchange services, committed to aligning its interests with those of its customers. Acknowledged for its proven high-performance, low-latency technology, NSX is also a recognized resource for Exchange-Traded Fund (ETF) data. For more information on NSX, visit www.nsx.com.
NSX Attracting ECNs to NSX BLADE
Wednesday, November 15, 2006
CHICAGO, November 15, 2006 - National Stock Exchange, Inc. (NSXSM) today announced that Track Data Corporation's Track ECN has become the second ECN to connect to and quote on NSX's new technology platform, NSX BLADE. BATS was the first ECN on NSX BLADE, beginning October 23, the day the Exchange launched the new system.
"It is really gratifying that Track ECN has joined BATS as the second ECN to come on board less than a month after NSX BLADE's introduction," said NSX CEO Joseph Rizzello. "It validates a primary objective of NSX's new business plan, which was to build a system to meet the specific needs of ECNs and attract them to our tent. Participation from these two leading ECNs indicates that our strategy is gaining momentum."
NSX BLADE provides an order delivery function, whereby ECNs can publish their best bids and offers on the NSX Book and will be treated the same as any other NSX participant. Routing to a participating order delivery ECN is an integral feature of NSX BLADE and occurs whenever a marketable order interacts with a resting order delivery ECN order.
NSX's new state-of-the-art technology platform - NSX BLADE and NASD/NSX Trade Reporting Facility -- was built from the ground up to meet the speed, price and service needs in a post-Regulation NMS environment. In addition to order delivery, NSX BLADE offers strict price-time priority, unprecedented speed and highly competitive pricing due to NSX's low overhead and unique operating leverage. NSX BLADE also features scalable capacity, with capability of quick expansion as volume dictates; a wide range of connectivity options; and anonymity during all stages of order execution, from the receipt of the order through the clearing process.
The NASD/NSX TRF is a complementary system to facilitate OTC trade reporting for internally executed transactions. NSX BLADE and the NASD/NSX TRF are expected to be fully migrated for all NMS securities by year-end.
NSX is the cost-effective provider of exchange services, committed to aligning its interests with those of its customers. Acknowledged for its proven high-performance, low-latency technology, NSX is also a recognized resource for Exchange-Traded Fund (ETF) data. For more information on NSX, visit www.nsx.com.