NYSE to launch new NYSE National exchange in second quarter

Discussion in 'Wall St. News' started by ajacobson, Jan 18, 2018.

  1. ajacobson

    ajacobson

    It's going to become all about market data fees.

    NEW YORK (Reuters) - New York Stock Exchange parent Intercontinental Exchange Inc (ICE) plans to launch its fourth U.S. stock market, NYSE National, in the second quarter, according to a recent regulatory filing.
    NYSE National will be the 13th U.S. stock exchange and will differ from the NYSE, NYSE Arca, and NYSE American in that it will only be a trading venue and not a listing market, NYSE said in the Jan. 12 filing with the U.S. Securities and Exchange Commission.

    Adding an extra exchange could help NYSE earn more revenue from trading and market data sales, as well as help the exchange operator maintain its No. 1 position in U.S. stock trading volumes, ahead of Cboe Global Markets and Nasdaq Inc. NYSE also competes against IEX Group and the Chicago Stock Exchange.

    NYSE closed its deal to buy the National Stock Exchange Inc on Jan. 31, 2017 and then shuttered the exchange on Feb. 1. Since then NYSE has shifted the exchange over its trading technology platform Pillar.

    NYSE has said it would seek input from the trading industry before finalizing operational plans for NYSE National’s launch.
     
  2. Robert Morse

    Robert Morse Sponsor

    Are they saying it will just be a crossing network? I don’t understand the focus of this one, do you?
     
  3. jharmon

    jharmon

    I think NYSE also now allows "specialists" to trade everything now too, so now NYSE is a trading venue for Nasdaq listed stocks.

    I guess a good way to keep the arb business commissions going - just keep adding exchanges!

    The branding on Amex - NYSE Mkt - NYSE American is a joke too. Did they hire an intern to come up with that rubbish?
     
    tommcginnis likes this.
  4. Robert Morse

    Robert Morse Sponsor

    As an X-Amex member, I would have liked the name to stay alive with NYSE-AMEX, but I had no vote!

    Bob
     
    tommcginnis likes this.
  5. tommcginnis

    tommcginnis

    Saw this. Had the same reaction.
    It's like "Divide and [re-]Conquer."

    If it weren't for the degree of source 'capture', one might hope that "an additional supplier" would drive prices down, but it's that recognition and *capture* of economic rents ("We can charge for own-sourced information, so we should.") that kills it: it's [truly] going to become all about market data fees.

    :mad: