NSX Rebates Target ECN Flow

The new fee schedule, which was approved by NSX’s board of directors last month, changes the rebates for orders routed from ECNs that contribute prices to the exchange’s NSX Blade trading platform, to rebate 50 percent of trade data revenue and 50 percent of quote revenue in Tape A, B and C securities to order-delivery ECNs.

The exchange’s order-delivery function allows ECNs to publish their best bids and offers on NSX without the risk of exposure to dual liability of orders being executed on