SuperMontage is a reinvention of The Nasdaq Stock Market® and will significantly improve overall market quality and investor protection. The new trading system will provide traders and investors alike with more information and a more efficient means to act on that information. With the new SuperMontage platform, quotes and orders will go through a single-computer architecture, adding speed and efficiency to the market.
Highlights of the SuperMontage pricing schedule include (full pricing schedule attached):
- Same execution fees as for SuperSoes
- SM
- $0.002 per share to access liquidity
- $0.001 per share liquidity-provider rebate
- No charge for internalizing (i.e., self-preferencing) in SuperMontage at the Best Bid and Offer
- No order-entry fee for non-directed orders, eliminating the $0.10 SuperSoes order-entry fee
- Reduction of cancellation fee from $0.25 to $0.01 for non-directed and preferenced orders
"We are well-positioned to launch SuperMontage this summer," added Furbush. "We continue to receive overwhelming interest and support for the new trading system and are working closely with firms to ensure a smooth rollout."
SuperMontage will replace SuperSoes, which was implemented in July 2001. Introduction of that system was a sea change in how market participants interact with Nasdaq to quote and trade. SuperSoes has made accessing liquidity more efficient, allowing participants to access large blocks of shares, automatically, in one order.
In 2001, Nasdaq completed the design, coding and programming of SuperMontage. In January 2002, quality control testing began and, most recently, the first round of internal user testing was successfully completed. External customer testing will begin this month.
To help market participants better prepare for the launch of SuperMontage from a technology perspective, Nasdaq has made the production versions of both the computer-to-computer interface (CTCI) and application programming interface (API) specifications for SuperMontage available online. These software specifications allow firms to connect their technology infrastructure to Nasdaq's market infrastructure and SuperMontage.
Nasdaq is the world's largest stock market. With more than 4,000 companies, Nasdaq lists more companies and trades more shares per day than any other U.S. market. Over the past five years, Nasdaq has outpaced all other U.S. markets in listing IPOs. It is also home to category defining companies that are leaders across all areas of business including technology, retail, communications, transportation, media and healthcare industries. With operations on three continents, Nasdaq is a key driver of global capital formation. For more information about Nasdaq, visit the Nasdaq Web site at www.nasdaq.com or the Nasdaq NewsroomSM at www.nasdaqnews.com.
SuperMontage Pricing Schedule
| Non-Directed and Preferenced Orders | |
| Order Entry | Non-Directed:
No charge Preferenced: $0.02 per order (excluding self-preferencing) |
| Order Execution | Non-Directed/Preferenced:
$0.002 per share executed (entering
party only)1
Non-Directed or Preferenced executed against Quote/Order of entering party (Internalized): No charge |
| Liquidity-Provider Rebate | $0.001 per share rebate to members that do not charge an access fee on SuperMontage executions (executing party only) 2 |
| Cancellation3 | $0.01 per Cancel (canceling party only) |
1 Order Execution charge is reduced to $0.001 per share if the executing firm charges an access fee on SuperMontage executions.
2 No rebate to members that charge an access fee on SuperMontage executions.
3 Includes cancel portion of immediate-or-cancel orders.
Directed Orders (Liability and Non-Liability Orders) |
|
| Order Entry | $0.10 per order |
| Order Execution | $0.0025 per share executed (entering party only) |
| Cancellation | $0.10 per cancel (canceling party only) |
| Quotes/Orders and Summary Quotes (i.e., Quotes and Non-Marketable Orders) | |
| Entry | No charge |
| Change Caused by the SuperMontage System (Price or Size) | No charge |
| Cancel/Replace at Price with Size Enhancement |
No charge |
| Cancel/Replace at Price with Size Reduction | $0.01 per cancel/replace |
| Cancel/Replace with Price Change | $0.01 per cancel/replace |
| Cancellation | $0.01 per cancel |
| Order Purge | $0.0075 per order purged |
Please note that market data revenue will continue to be shared in SuperMontage. However, that revenue sharing is outside of the scope of Nasdaq's recent pricing filing with the SEC.
