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The Exorbitant NMS Speed Game

May 04, 2021 6:05 PM ETBLK, CBOE, ICE, NDAQ9 Comments
Kurt Dew profile picture
Kurt Dew


  • The National Market System (NMS), with more than 12 separately-located exchange transaction engines processing identical transactions, is expensive for no good reason.
  • And there is a quick fix – colocated exchanges.
  • Once this change is made, the door will open for further improvement.

The Walrus and the Carpenter Talking to the Oysters in Through the Looking-Glass
Photo by powerofforever/DigitalVision Vectors via Getty Images

“The time has come,' the Walrus said,

To talk of many things:

Of shoes — and ships — and sealing-wax —

Of cabbages — and kings —

And why the sea is

This article was written by

Kurt Dew profile picture
My primary interest is financial market structure. I write about market platforms, index instruments, and exchange management firms primarily. I was a member of the team that introduced index trading at the CME. Later, I pioneered the secondary market trading of OTC interest rate swaps.

Analyst’s Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article.

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