"SuperSoes has already increased the efficiency of trading in the Nasdaq marketplace," said Dean Furbush, executive vice president of Nasdaq Transaction Services. "It is meeting our expectations as a critical tool in our transition to SuperMontageSM-Nasdaq's next generation of trading technology. We extend our gratitude to our colleagues in the securities industry and Nasdaq employees whose hard work and dedication over many months was crucial to this achievement."
The first SuperSoes pilot was launched on Monday, July 9, 2001, when Nasdaq implemented 18 pilot SuperSoes securities and two test stocks. The second pilot conversion of an additional 80 Nasdaq stocks was successfully launched on July 16, 2001. In response to numerous member firm requests, Nasdaq phased-in five additional NNM securities-Intel Corporation (NASDAQ:INTC) and Cisco Systems (NASDAQ:CSCO)-on July 23, 2001 and three additional securities-Dell Computer (NASDAQ:DELL), Oracle Corporation (NASDAQ:ORCL), and Sun Microsystems (NASDAQ:SUNW)-on July 26, 2001.
SuperSoes is the new primary order routing and automatic execution system for all Nasdaq National Market® (NNM) securities. Nasdaq will study its operation before determining whether to apply it to SmallCap issues. SelectNet® is a non-liability system for purposes of order delivery and negotiation.
SuperSoes accepts orders of up to 999,999 shares at a time, allowing traders to execute large orders in a single transaction. SuperSoes also:
- dramatically increases the speed of order execution for investors;
- provides a more robust trading platform that will be able to handle increased trading volumes;
- reduces dual liability for Market Makers, encouraging the display and
- execution of larger orders;
- allows Market Makers to use the automatic execution system on a proprietary basis for transactions; and
- enables system interaction with reserve size.
For more information on SuperSoes, visit the Nasdaq Newsroom at www.nasdaqnews.com, then click on SuperSoes Fact Sheet and Frequently Asked Questions.
The Nasdaq Stock Market lists over 4,300 companies, has a larger dollar volume, and trades more shares per day than any other U.S. market. For more information about Nasdaq, visit the Nasdaq Web site at www.nasdaq.com or the Nasdaq NewsroomSM at www.nasdaqnews.com.
