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NEW YORK (Dec. 22, 2015) – This morning the National Stock Exchange, Inc. (“NSX”) re-launched trading operations for equity securities and ETFs. The NSX is now under the direction of a new ownership group and management team, which recapitalized and restructured NSX after it ceased trading operations in May 2014.
NSX is a National Securities Exchange and Self-Regulatory Organization registered with and regulated by the Securities and Exchange Commission (“SEC”). NSX is also a member of the National Market System, whose membership includes the NYSE, AMEX, Nasdaq, and BATS Exchange. On December 14, 2015, the SEC gave formal approval to NSX to re-launch its trading operations. NSX’s re-launch plan provides for a phased roll-out of all equity and ETF symbols beginning today to be completed on December 31, 2015.
The new ownership and management team plan to re-ignite innovation in the cash equities exchange industry after its decade’s long focus on business roll-ups, combinations, and cost-cutting. Upon re-launch, NSX will lead the industry by offering low price market access fees by charging a flat, non-preferential fee schedule of $0.00 to add (post) liquidity and $0.0003 to take (remove) liquidity. This pricing model will immediately create enormous cost savings for its clients.
“We are here for one reason and one reason alone: to provide market solutions that bring about real and positive changes that traders and institutional firms have been asking for over the course of several years, but the industry’s response has only been to ‘talk the talk.’ We, however, are going to ‘walk the walk,’ and act on several specific ideas and concepts that continue to be requested by industry leaders,” said Mark Sulavka, NSX’s Chairman and CEO, and leader of NSX’s new ownership group.
While continuing to engage with its clients, the industry, and the SEC, NSX plans to offer new market models and technologies going forward that deliver solutions to long-standing market structure problems that have largely gone unaddressed by the exchange industry.
Mr. Sulavka added, “We see opportunity in investing in the business where others in the exchange industry see only cost-cutting, status quo and retrenchment. Going forward, our focus and priorities are to roll out technology that structurally improves the relationship between brokers and their buy-side institutional clients.”