US exchange NSX re-launches with new fee model

Re-launched US exchange plans to "walk the walk" rather than just "talk the talk" with new pricing model.

The National Stock Exchange (NSX) has re-launched in the US with a new low-fee model, 18 months after shutting down due to low trading volumes.

The US-based exchange is planning a phased rollout of all equity and ETF symbols to be completed on 31 December 2015.

NSX is now under the direction of a new ownership group and management team, which recapitalised and restructured the exchange after it ceased trading operations in May 2014.   

The trading venue will offer low price market access fees by charging a flat, non-preferential fee schedule of $0.00 to add liquidity and $0.0003 to remove it. 

According to a statement, NSX’s new 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”.

“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’,” said Mark Sulavka, NSX’s chairman and CEO, and leader of NSX’s new ownership group. “We, however, are going to ‘walk the walk,’ and act on several specific ideas and concepts that continue to be requested by industry leaders.”

Along with the new pricing model, NSX said it 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.