Are there any opinions on how SuperMontage will affect the market and market places? Wil it be the ECN killer? Will AMEX Nasdaq have to enter SupeMontage? Will Nasadq have an unfair markt position? Is the need for broker's "smart" software gone, with the introduction of one-stop-shopping style trading? Will market makers love it or hate it?
In addition,if anyone knows...if a proprietary trading firm enters a buy order into Supermontage that is lower than the best offer or a sell order that is higher than the best bid,will the order reject,like it does today under Supersoes?
I don't think that much will change....I've been thinking about it alot lately, and if anything, it will be easier to read because the increased anonimity will give MM's a false sense of security, and give them LESS ability to play mind games...i.e. goldie shows 10k and cancels...yada yada yada.... Aside from that, I don't see much of a difference from the current L2...just my .02
I have seen the protope software of SuperMontage. It shows the size and price for levels below. So if you send an order payng over the offer and selling below the bid, it will execute. It may read like this... (just the bid side) Price (size / 100) 50(5) 50(9) 50(19) 49.99(24) 49.98(29) In fact all you have to do is double click (Nasdaq workstation) on the bid you want. So if you double click on 49.98 and enter your size it will take out everything up to that price. If you 3000 to go at 49.98. You will get 2900 all at the appropriate prices (50, 49.99, and 49.98). Then you will have 100 shares on the offer at 49.98
That makes no sense...if you want to sell 3000 at 49.98,wouldn't you get all 3000 shares at 50(being that there are 3300 shares bid there)leaving 300 bid at 50?
The first bid has the size for the forst bid. The second bid has the size for the first plus second. The third bid has the size for itself plus the first two. It is a running total... for quick action.
I guess traders can't do math in their heads lol. Gaz-where did you see the SuperMontage display? Did you actually see a Naz workstation or did you see it as a screenshot somehere else? I would love to see it-at least a pic- but no longer have access to a workstation.-
Nasdaq came to San Fran and I attended a meeting with two very nice girls. They gave an excellent presentaion. I was one of 3 people in the room set for 50 - shockingly. The had a bunch of laptops set-up with the prototype software on there for us to play with. You should call Nasdaq and ask if they have anything like that.