Securities And Exchange Commission: Super Montage Start Date Set

The Securities and Exchange Commission has received certifications from one or more market participants indicating their intent to use the National Association of Securities Dealer's Alternative Display Facility as their primary order collection and display facility for a significant portion of their business in Nasdaq securities.

Therefore, in accordance with the Commission's Aug. 29, 2002, order with respect to implementation of Nasdaq's SuperMontage facility (Securities Exchange Act Release No. 46429), the Nasdaq's SuperMontage facility is authorized to begin operation on or after Oct. 11, 2002, to allow further time for the market participants to adapt and test their systems to participate through the ADF.

As noted in the August order, the Commission separately continues to review Nasdaq's pending application to register as a national securities exchange, and the implementation of SuperMontage does not suggest what, if any, future actions the Commission may take with regard to that application. To consider a number of market structure issues, the Commission intends to hold comprehensive hearings this fall.