National Stock Exchange (NSX)

The National Stock Exchange, formerly the Cincinnati Stock Exchange, was established in 1885. The exchange became the first all-electronic stock exchange in the U.S. after its physical trading floor was replaced in 1980.

In 2006 demutualization of NSX into a for-profit corporation, combined with the establishment of an East Coast headquarters and introduction of a new technology platform, transformed the exchange during a period of substantial industry change and consolidation.

NSX BLADE®, the exchange's automated order matching platform, is a price-time priority model designed to provide low-cost exchange services and meet the speed, price and service needs of the securities industry.

The pricing structure incentivizes market participants to post liquidity with NSX BLADE, providing rebates on orders that add liquidity and assessing fees on orders that take liquidity. Matched orders on NSX BLADE are reported to the NSCC anonymously for clearance and settlement.