|Founded||1885 as Cincinnati Stock Exchange|
|Headquarters||Jersey City, NJ|
|Key People||Thomas Farley, NYSE president|
|Products||Full electronic stock trading|
NYSE National, (formerly the National Stock Exchange), is an all-electronic stock exchange, wholly owned by the Intercontinental Exchange (ICE) and operates under the New York Stock Exchange group of exchanges which includes, NYSE, NYSE Arca and NYSE American (formerly AMEX).
The exchange was acquired by ICE on January 31, 2017 by ICE, heading off a planned shutdown of trading operations and was relaunched as NYSE National on May 21, 2018. The new market is all-electronic equity market with a maker-taker pricing model and serves only as a trading venue, not an exchange for listings. The exchange was designed to offer complementary pricing structures to its other equities markets, It runs on ICE's Pillar technology platform. 
The National Stock Exchange began as the Cincinnati Stock Exchange (CSX) in 1885 and operated almost unchanged for almost 100 years until 1980, when it was converted to the United States' first all-electronic exchange. It introduced its first fully-automated intermarket trading system (ITS), linking its members to all markets. That system was also called the National Securities Trading System (NSTS). Six years later the CSX joined the Chicago Board Options Exchange via a membership deal.
In 1995, the CSX moved its headquarters from Cincinnati to Chicago and continued developing its electronic trading technology. It changed its name to the National Stock Exchange in 2003. The exchange still maintains some operations in Chicago but the main operations base has been in Jersey City since 2006.
In 2004, CBOE and NSX terminated their financial agreements and CBOE said it would surrender certificates of proprietary membership in the NSX for cash totaling $11 million over four years. 
The Turning Point
Just two years after the name change, NSX took a heavy blow in 2005 when the SEC ruled that NSX president and chief executive officer David Colker had not enforced rules guaranteeing customer orders better prices than own-account orders. Colker was fined $100,000 and banned from future involvement in NSX regulation. The NSX was also ordered to "separate its regulatory and governance functions."
In 2006, the NSX demutualized into a for-profit company with investments by several bulge-bracket Wall Street firms. And in October 2006, NSX launched an entirely new trading platform called NSX BLADE, which could support 15,000 orders per second and 1,500 executions per second.
NSX then posted record trading volumes on its signature ETF listings in January 2008 that more than doubled the volume figure from a year earlier. ETFs' January trading volume on the NSX rose from $664.5 billion in January 2007 to $2.23 trillion a year later.
The NSX began exploring strategic alternatives in 2010, when it sought to sell equity stakes in the company in return for stock-trading business. NSX was acquired by the CBOE Stock Exchange (CBSX) in 2012.
In April of 2014 CBSX shut down trading because of a lack of volume. A month later, on May 2, 2014, the National Stock Exchange filed with the Securities and Exchange Commission to cease operations on May 30. At the time, it had a marketshare of 0.2 percent of US equity volumes. Nonetheless, a small group of investors, including former Lehman Brothers CEO Richard Fuld purchased the market and reopened on December 22, 2015 with a new low-fee pricing model.
The strategy to revive NSX failed and it once again announced it was shutting down in December 2016. That is when ICE announced a deal to acquire the equity market and keep it open. ICE, via its NYSE unit, relaunched the exchange on May 21, 2018.
NYSE National will offer trading in all U.S.-listed securities.
- NYSE to launch new NYSE National exchange in second quarter. Reuters.
- NYSE’s Newest Market - NYSE National to Commence Trading on Monday, May 21. Press Release.
- Nyse National electronic stock exchange to launch 30 April. Press Release.
- NYSE to begin trading on new electronic equities exchange in Apri. The Trade.
- National Stock Exchange. Investopedia.
- CBOE, Cincinnati Exchange to link. Chicago Sun-Times.
- Notice of Filing and Immediate Effectiveness of Proposed Rule Change by The Cincinnati Stock Exchange. Securities and Exchange Commission.
- Investments in affiliates (PDF). CBOE Annual Report 2006.
- National Stock Exchange Settles With SEC. Marketwatch.
- NSX Launches Low Latency BLADE Trading System. Newswire.
- National Stock Exchange(R) Initiates Phased-In Launch Of NSX BLADE(SM) With Migration Of First 20 Stocks. Mondovisione.
- NSX Announces Record January ETF Trading Volume Surpasses $2.2 Trillion. NSX.
- CBOE STock Unit to Buy National Stock Exchange. The Wall Street Journal.
- SEC Blesses CBOE Stock Exchange Deal. WSJ.
- CBOE Stock Exchange to Acquire National Stock Exchange. CBOE Stock Exchange.
- CBOE Buys National Stock Exchange. Advanced Trading.
- National Stock Exchange Files With SEC to Halt Operations. Bloomberg.
- The National Stock Exchange Re-Launches Trading Operations. The National Stock Exchange.
- National Stock Exchange relaunches, aims to shake up U.S. industry. Reuters.
- NYSE to acquire NSX amid U.S. exchange consolidation. Reuters.
- There's a new exchange launching today. CNBC.
- Intercontinental Exchange's NYSE to Buy 131-year Old NSX. Zacks.
- NYSE National. NYSE.