An SEC-registered alternative trading system (ATS) for U.S.-listed options, NXP provides increased liquidity and potential price improvement opportunities through its state-of-the-art low-latency routing infrastructure.

NXP Liquidity

NXP provides liquidity discovery by aggregating Convergex’s extensive and diverse order flow with its network of liquidity providers and by leveraging a long history of providing price improvement opportunities.

Clients can have option orders exposed to NXP on the way to the market by using Convergex algorithms, which recognize NXP liquidity in addition to exchange liquidity. The liquidity providers on the best price opposite of the originating order are paired into a cross order that is sent to an exchange auction for transparent execution. Our algorithms are available on our proprietary platform, BLAZE®, and on many third-party trading systems.

Price Improvement

Orders streaming through NXP benefit from two opportunities for price improvement. Since all option orders from an options ATS must be executed on an exchange, the order provider’s orders gain a better and best scenario:

  • Better Scenario – Price improvement with one or more NXP liquidity providers, often inside the prices shown publicly on the National Best Bid or Offer
  • Best Scenario – Further price improvement as third parties periodically better NXP liquidity providers’ best prices via the required exchange auction mechanisms

 

 

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