This is copied from another message board site: I think it is doubtful that very much of the SuperMontage technology will be available to ordinary traders. That is - yes, they will be able to execute orders through SuperMontage. But I am skeptical about how much of the added data will be available to them. The data feed for SuperMontage requires a T-3 connection. I think that all but the very largest brokers are going to have to think very hard about whether the cost is justified. Not only will they have to pay for this expensive connection (not yet priced, but considering what they charge for the T-1 based NQDS, it will likely be astronomical) but then somehow have to get that data out to their customers. To add insult to injury, SIZE isn't on The T-3 feed. (The T-3 feed provides the additional depth - up to 5 levels per market participant.) SIZE is only on the NASDAQ workstation. I don't see how brokers would be able to make this available to their clients.
It looks as though Supermontage won't affect traders that much,since ISLD/ARCA/INCA, which most Nasdaq traders currently use,will still execute the same way as it currently does.If anyone knows how ARCA order routing might or might not be affected,please post.Looks as though the only major change is the ability for MM's to hide their identity through the use of SIZE.
<i>the ability for MM's to hide their identity through the use of SIZE.</i> From other market makers, yeah. This seems to be the Naz's attempt to reel in some of the ECN business.
Are you saying that SIZE will not be shown on the Supermontage basic quoteview service for all the world to see,except MM's? Because i sent an email to nasdaq and got this reply..."QuoteView is the same as the current NQDS service; it will provide the aggregated best price bid and ask quotes of each market participant including SIZE for all NMS and SmallCap securities in the Nasdaq Stock Market. Therefore, SIZE will be displayed at only one price level(the best)on both the bid and ask sides of the market."
This cracks me up: http://shop.nasdaq.com/dr/v2/ec_MAI...=&S3=&S4=&S5=&DSP=0&CUR=840&PGRP=0&CACHE_ID=0 Who doesn't need a NASDAQ backpack?
I don't know, I thought the MM's were doing a pretty good job right now of hiding size, obfusacting, painting the tape, bobing and weaving, and using about 100 other devices to deceive. What makes you thing Super Montage or Super anything will make a dimes worth of difference?