As technology evolves, so does the Wall Street playing field and exchange traded funds (ETFs).

Traders have discovered a competitor in the ranks, the National Stock Exchange (NSX), an electronic trading platform created by Joseph Rizzello of Jersey City, NJ, to take on the big players.

Ever since New York Stock Exchange acquired the American Stock Exchange, there has been a void in the field that Rizzello has set out to fill, reports Lawrence Carrel for Index Universe.

NSX holds 2% of the ETF market. This is a 300% increase from half a percent at the end of the year 2007. As of now, NSX makes its money through the sale of market data.

Likewise, the NSX plans to market to traders locked out of discounts given to the heavies at NASDAQ and NYSE Arca. Those traders include mid-level broker-dealers, private high frequency trading shops, specialists and market-makers.

Only time can tell if this approach is going to be successful, but their rates and discounts give them a serious leg up.