Nasdaq and Nasdaq BX

Discussion in 'Order Execution' started by stochastix, Mar 13, 2020.

  1. So Nasdaq BX is Nasdaqs matching exchange with an inverted pricing model.. you get rebates to take liquidity and charged to provide liquidity... I'm assuming these exchanges dont share the same underlying orderbook so they are totally separate vanues ?
  2. Robert Morse

    Robert Morse Sponsor

    Good morning stochastix- The ECNs with a reverse maker-taker schedule offers little incentive for professional traders or market makers to place limit orders on the book that add liquidity. Because of that, you will find they get less customer order flow and volume. You will also find that many times when you try and take liquidity on those ECNs, there are little or no posted orders, because of REG-NMS, your order will be re-routed to another exchange which causes an outbound charge typically higher than the ECN take fees. E.G $0.0035 vs $0.0030. What we at Lightspeed offer are equity SMART routes called LSPT and LSPD. LSPT sprays LITE and DARK and posts to a LITE ECN and LSPD is DARK only but looks for liquidity. The LSPT is very popular to grab liquidity but only offered during regular trading hours. The cost of LSPT and LSPD are $0.0015 and $0.0019 per share respectively.
    stochastix likes this.