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Rating:Nasdaq Readies ETF Trading Platform Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, April 30, 2013

Nasdaq Readies ETF Trading Platform

News summary by MFWire's editors

Nasdaq is looking to change the way ETFs are traded, according to a report from Barron's Brendan Conway.

It was confirmed yesterday that Nasdaq is making changes to its smallest exchange to create a "hub" for ETF trades, Conway reported.

Check out the original story here. Nasdaq's press release is below.


Company Press Release

NASDAQ OMX to Launch Marketplace Designed for Exchange Traded Products

Competitive Programs to Foster Tighter Spreads, Stable Quotes and Deeper Liquidity in ETPs

NEW YORK, April 29, 2013 (GLOBE NEWSWIRE) -- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), the world's largest exchange company, today announced that it will re-launch NASDAQ OMX PSX(SM) (PSX(SM)) in an effort to create the leading marketplace for Exchange Traded Products (ETPs). The price-time exchange will offer unique market making programs and features designed to provide robust liquidity to institutional and retail investors. PSX will re-launch in May 2013 pending approval by the Securities and Exchange Commission.

Upon re-launch, PSX will offer Registered Market Maker and PSX Supplemental Liquidity Provider (XLP) designations to participants that undertake an affirmative quoting obligation on the exchange. These market making programs will ensure committed liquidity is available by offering superior economics to participants that meet quoting requirements on a per-security basis. PSX also plans to introduce an innovative, competitive and transparent Lead Market Maker program designed to narrow spreads and increase displayed size in ETP securities. PSX registered market makers may compete for LMM status in ETP securities and will receive enhanced benefits in exchange for assuming enhanced liquidity provision obligations. In addition to receiving superior economics in the ETPs they lead, LMMs will be promoted by PSX to the ETP issuer and investor communities.

"We're focused on delivering long-term value to investors by significantly broadening the asset classes we offer to our member firms, and the establishment of a preeminant marketplace for ETPs supports that effort," said Eric Noll, Executive Vice President of Transaction Services U.S. and U.K. at NASDAQ OMX. "PSX is a key piece of our larger strategy to better service the ETP industry with a platform designed to incent high-quality liquidity, market incentive programs and ETP-specific functionality."

NASDAQ OMX gives market participants the ability to choose from three different models for U.S. equity trading, including The NASDAQ Stock Market, NASDAQ OMX BX and now PSX for trading in an ecosystem designed specifically for ETPs. PSX will use NASDAQ OMX's proven INET technology, enabling market participants to execute trading strategies across ETPs and other asset classes with familiar, superior performance.
 

Edited by: Ben Geier


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