The first pilot in the conversion to the SuperSoes trading system was successfully 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 two 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 a revised version of the Small Order Execution SystemSM (SOESSM), Nasdaq's current auto-execution system for small agency orders. SuperSoes will become the primary order routing and automatic execution system for all Nasdaq National Market® (NNM) securities. Nasdaq will study the operation of SuperSoes in National Market securities before applying it to SmallCap issues. SelectNet® will be reestablished as a non-liability system for purposes of order delivery and negotiation. Currently, SelectNet enables securities firms to route orders, negotiate terms, and execute trades-eliminating the need for verbal contact between trading desks.
SuperSoes accepts orders of up to 999,999 shares at a time, allowing traders to execute large orders in a single transaction. SuperSoes also:
- provides a more robust trading platform that will be able to handle increased trading volumes;
- reduces message traffic;
- 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.
