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. At the same time, these enhancements will re-establish SelectNet® 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.
A second pilot of an additional 80 Nasdaq stocks and two test securities will be carried out according to plan on July 16, 2001. This means orders involving a total of 100 Nasdaq securities will be automatically executed utilizing SuperSoes. Full implementation of SuperSoes for all Nasdaq National Market securities is July 30, 2001.
"We believe SuperSoes will greatly enhance the execution of trading," said Dean Furbush, Executive Vice President of Nasdaq Transaction Services. "SuperSoes will provide faster executions in a more user-friendly environment, while continuing to promote equitable principles of trade."
Nasdaq securities in the first phase were chosen to represent a broad range of trading activities. They will include:
- Agile Software Corporation
- Alliance Gaming Corporation
- Brigham Exploration Company
- Pinnacle Holdings, Inc.
- CDW Computer Centers, Inc.
- Cerus Corporation
- Genelabs Technologies, Inc.
- Lakeland Industries, Inc.
- Liquid Audio, Inc.
- Methanex Corporation
- Newport Corporation
- OceanFirst Financial Corp.
- Pittsburgh Financial Corporation
- Progress Software Corporation
- United National Bancorp
- Vail Banks, Inc.
- Vertel Corporation
- Olympic Steel, Inc.
- provide a more robust trading platform that will be able to handle increased trading volumes;
- reduce message traffic;
- re-establish SelectNet as an order delivery and negotiation system for NNM securities;
- reduce dual liability for Market Makers, possibly encouraging the display and execution of larger orders;
- allow Market Makers to use the automatic execution system on a proprietary basis for transactions;
- enable system interaction with reserve size.
The Nasdaq Stock Market lists more than nearly 4,400 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.
