December 2006
National Stock Exchange Adopts 30/30 Fee Structure For All Transactions Executed on NSX BLADE
Thursday, December 14, 2006
CHICAGO, December 14, 2006 - National Stock Exchange®, Inc. (NSXSM) has filed with the Securities and Exchange Commission (SEC) for both a liquidity provider rebate and liquidity taker fee of $0.0030 per share for transactions executed through NSX BLADESM in Nasdaq-listed securities, as well as NYSE and Amex-listed securities to be transitioned into NSX BLADESM from the Exchange's legacy system, National Securities Trading System (NSTSSM). This new fee schedule, which is effective upon filing with the SEC, is the most aggressive in the industry.
The new pricing sets both the liquidity provider rebate and the execution fee for all Tape A, Tape B and Tape C securities at $0.0030 per share executed. The previous fee schedule provided a scaled liquidity provider rebate from $0.0027 to $0.0028 per share executed for Tape C securities.
"Our '30/30' pricing model underscores a fundamental difference between NSX and the other market centers that have chosen to raise their fees," said Joseph Rizzello, NSX CEO. "NSX has chosen to align our strategic interests with our customers, rather than compete with our customers. Eliminating the liquidity provider/taker spread in Tape C securities, and setting the bar for fees in Tape A and B securities, is consistent with NSX's long-standing commitment to being the cost-effective provider of exchange services. We are able to be the price leader because we have the best operating leverage in the business."
NSX BLADESM was launched in October, with Tape C stocks currently being phased into NSX BLADESM from NSTSSM, and Tape A and Tape B stocks to be added soon. In addition to its highly competitive pricing, NSX BLADESM offers order delivery, strict price-time priority, unprecedented speed, scalable capacity and a broad range of connectivity options.
NSX BLADESM is part of NSX's completely new technology platform, which also includes the NASD/NSX Trade Reporting FacilityTM (TRF). Introduced in November, the NASD/NSX TRFTM will facilitate OTC trade reporting for internally executed transactions in all NYSE, Nasdaq and Amex-listed stocks.
The new technology platform - NSX BLADESM and NASD/NSX TRFTM -- was built from the ground up to meet the speed, price and service needs for a post-Regulation NMS environment and to accommodate the broadest range of users, including ECNs, OTC Market Markets, algorithmic traders and agency brokers.
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.