Agency brokerage Bloomberg Tradebook’s electronic communications network (ECN) has started to use the FINRA/NSX trade reporting facility, run by US exchange National Stock Exchange (NSX), to report its over-the-counter transactions in all symbols.
Bloomberg Tradebook has become the fourth ECN to choose NSX as one of its primary venues. BATS Trading went live on NSX BLADE, the exchange’s technology platform, on 23 October 2006. Less than a month later, Track ECN became the second ECN to connect to and quote on NSX BLADE. And Direct Edge ECN began moving its public quotations onto NSX BLADE in mid-December 2007. This followed the migration of Direct Edge’s matched trade reports to the FINRA/NSX trade reporting facility, which began in late September 2007.
“When we launched our new business plan a little over a year ago, one of our goals was to provide a viable alternative facility for those doing over-the-counter trading in exchange-listed stocks. Another goal was to accommodate the needs of the ECNs,” says Joseph Rizzello CEO of NSX. “We believe Bloomberg’s decision to bring their business to the FINRA/NSX TRF indicates that we are accomplishing what we set out to do and reinforces our commitment to aligning our needs with those of our customers.”
The FINRA/NSX TRF was launched on November 27, 2006 to facilitate OTC trade reporting for internally executed transactions in all NYSE, Nasdaq and Amex-listed stocks.