Discussion in 'Order Execution' started by WhiteOut56, Nov 5, 2010.
what the heck is this new ecn? NQPX??
Not an ECN. The MPID NQPX referrs to the new US equity stock exchange PSX owned and operated by NASDAQ OMX.
NASDAQ re-activated the equity exchange that they got when they bought PHLX, but using their own technology.
PSX is different because it uses price/pro-rata-size allocation instead of price-time.
Pro-rata allocation means that resting orders at the same price level get to fill part of the incoming order according to their relative sizes (instead of oldest order first)
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