Nasdaq will launch SuperMontage, as planned, on Monday, July 29, with 32 test securities. Market participants and data vendors have asked for test stocks in order to check their own internal systems and to provide real time securities data to pass down to their customers.
"SuperMontage will redefines what's possible for a stock market by bringing new opportunities to investors, market participants, and companies," said Rick Ketchum, president and deputy chairman, Nasdaq. "From a technology perspective, SuperMontage is ready for implementation and we will continue to work with our customers and vendors to ensure a smooth transition to the new platform once the SEC takes all necessary regulatory action for Nasdaq to launch SuperMontage."
SuperMontage is the latest example of the state-of-the-art products and services Nasdaq provides its customers at low costs. It was conceived to be the center of liquidity in Nasdaq-listed securities. SuperMontage will offer the marketplace greater transparency, allowing participants to enter quotes and orders at multiple price levels; provide more choices in order display and execution; and provide a higher level of confidence for traders' best execution responsibilities. In the new SuperMontage marketplace, quotes and orders will go through single-computer architecture, adding speed and efficiency to the market.
Since the implementation of decimalization, there are fewer shares available at each price point. SuperMontage will make it easier for market participants to access depth of trading interest because of the system's five levels of displayed depth.
For the pilot, the ADF will allow registered NASD market makers and electronic communications networks to publish quotations for, and report trades in Nasdaq securities.
Nasdaq is the world's largest stock market. With nearly 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, financial services, media and biotechnology industries. With operations on three continents, Nasdaq is a key driver of global capital formation.
For more information about The Nasdaq Stock Market, visit the Nasdaq Web site at http://www.nasdaq.com or the Nasdaq NewsroomSM at http://www.nasdaqnews.com.
