The National Stock Exchange (NSX) is an electronic

stock exchange A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds and other financial instruments. Stock exchanges may also provide facilities for ...

based in

Jersey City Jersey City is the List of municipalities in New Jersey, second-most populous

New Jersey New Jersey is a U.S. state, state located in both the Mid-Atlantic States, Mid-Atlantic and Northeastern United States, Northeastern regions of the United States. Located at the geographic hub of the urban area, heavily urbanized Northeas ...

. It was founded March 1885 in Cincinnati,

Ohio Ohio ( ) is a U.S. state, state in the Midwestern United States, Midwestern region of the United States. It borders Lake Erie to the north, Pennsylvania to the east, West Virginia to the southeast, Kentucky to the southwest, Indiana to the ...

, as the Cincinnati Stock Exchange. In 1995, it moved headquarters to

Chicago, Illinois Chicago is the List of municipalities in Illinois, most populous city in the U.S. state of Illinois and in the Midwestern United States. With a population of 2,746,388, as of the 2020 United States census, 2020 census, it is the List of Unite ...

, and it was renamed the National Stock Exchange in 2003. After demutualizing in 2006, it moved headquarters to Jersey City. In 2011, CBOE Stock Exchange acquired the National Stock Exchange, with both exchanges operating under separate names. The NSX ceased trading operations on February 1, 2017, when it was acquired by the

New York Stock Exchange The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock excha ...

, and reopened on May 21, 2018.

History

Early name changes

National Stock Exchange was founded March 1885 in

Cincinnati Cincinnati ( ; colloquially nicknamed Cincy) is a city in Hamilton County, Ohio, United States, and its county seat. Settled in 1788, the city is located on the northern side of the confluence of the Licking River (Kentucky), Licking and Ohio Ri ...

, Ohio, as the Cincinnati Stock Exchange. In 1976, it closed its physical trading floor and became an all-electronic stock market. The Cincinnati Stock Exchange moved its headquarters to Chicago in 1995, and changed its name to the National Stock Exchange – NSX – on November 7, 2003. Owned by its members since inception, it demutualized in 2006. It later moved its headquarters to Jersey City, New Jersey. In September 2011, CBOE Stock Exchange (CBSX) entered into an agreement to acquire the National Stock Exchange. The acquisition was completed on December 30, 2011, with both exchanges to operate under separate names. The National Stock Exchange continued to be based in Jersey City.

2014–2015 shutdown

In May 2014, the exchange "changed its pricing structure to charge both sides of a trade a fee for securities priced $1 or more, a departure from other public venues that usually charge one side and pay a rebate to another." With David Harris as chief executive officer, the National Stock Exchange ceased trading operations on May 30, 2014. The exchange stated in a release that it, "continues to be registered as a national securities exchange under Section 6 of the Securities Exchange Act (the "Act") and remains a self-regulatory organization. All NSX rules remain in full force and effect." The closure brought the number of active stock exchanges in the United States to 11, as the CBOE Stock Exchange had closed the month prior. Wrote ''Bloomberg'', "just one public exchange, Chicago Stock Exchange Inc., that isn’t owned Bats, Nasdaq OMX Group Inc. or IntercontinentalExchange Group Inc." On February 24, 2015, the NSX was bought by a private entity known as National Stock Exchange Holdings. Trading resumed on December 22, 2015.

NYSE acquisition

The

announced it has entered into an agreement to acquire the NSX, subject to Securities and Exchange Commission (SEC) approval. The NSX ceased trading operations on February 1, 2017. NYSE plans to bring it back on its new trading platform Pillar, some time in the distant future. NSX was to be renamed "NYSE National" as a result of the acquisition by NYSE. On January 12, 2018, an SEC filing for rule changes was made to support re-activation of NYSE National, Inc. in the second quarter of 2018 (on the Pillar trading platform as previously noted). NYSE National opened for business on May 21, 2018. The difference between NYSE National and other NYSE exchanges is that it uses a taker-maker pricing model, which offers rebates for adding liquidity, rather than payment for order flow or other models.

Previous exchanges named NSX

Two previous exchanges, both located in

New York City New York, often called New York City (NYC), is the most populous city in the United States, located at the southern tip of New York State on one of the world's largest natural harbors. The city comprises five boroughs, each coextensive w ...

, operated as the National Stock Exchange. The first exchange operated for seven months to September 1869.Kirby Faciane (2008). Stock Exchange Organization. H.C. Baird: Philadelphia. . The other, associated with the

New York Mercantile Exchange The New York Mercantile Exchange (NYMEX) is a commodity futures exchange owned and operated by CME Group of Chicago. NYMEX is located at One North End Avenue in Brookfield Place in the Battery Park City section of Manhattan, New York City. ...

, traded from March 7, 1962, to January 31, 1975.

References

External links

* * * On the Pillar Trading platform: ** ** ** {{World Federation of Exchanges Financial services companies established in 1885 Stock exchanges in the United States Companies based in Jersey City, New Jersey History of Cincinnati 1885 establishments in Ohio Financial services companies based in New Jersey