The Boston Stock Exchange lives on.
Nasdaq OMX has slated June for the launch of a new equities trading platform using the license it obtained with its purchase of the Boston Stock Exchange.
Nasdaq, which bought the shuttered BSE equities platform last year, plans to operate a second book likely incorporating different pricing than is available on its primary trading platform.
“We haven’t determined the future pricing yet,” a Nasdaq spokesperson says, “but it does give us an opportunity to experiment with new pricing strategies.”
Tiering by volume, as is done on Nasdaq’s main platform, is “unlikley,” the Nasdaq official added.
Also, the system will not route out to another market center those orders that do not fill on BX.
Called Nasdaq BX, the new platform is geared to those customers of Nasdaq’s primary platform that want a second quote.
Although Nasdaq has scheduled a June launch, the operation of Nasdaq BX is still subject to Securities and Exchange Commission approval. The SEC has yet to approve the Nasdaq-Boston deal.
Traders must be members of Nasdaq BX to use the facility.
Last October, Nasdaq announced it would acquire the Boston Stock Exchange’s holding company, BSX Group.
This entity formerly operated the BSE’s equities market, the Boston Stock Exchange Clearing Corporation and BOX Regulation.
The BSE closed its Boston Equities Exchange unit in September, roughly two years after it launched.
When Nasdaq announced the deal it said it anticipated running the Boston quote on its existing INET platform.
