I am wondering some things about Supermontage.... - What will happen on the 29th? How will the changeover occur? - How will ECN and SOES executions change....will there be different buttons for different ECNs as now? - How will the L2 screen change? - Will executions be slower/faster? I really dont know what to expect come the 29th......
check this out http://www.nasdaqtrader.com/trader/hottopics/supermontage_hottopics.stm To answer your questions...you can: - not lock or cross mkts anymore...*no more ATTN!!! yeaaaaa! - anyone can have a reserve size - preference orders based on ECN fees and time and size - MM anonymity
Sounds like it will look more like the NYSE, with the specialist being a computer Now there's a revelation
Well, don't feel like the Lone Ranger, SilverBullet. I'm probably as confused as anyone concerning "Supermontage". But, I bet TA will still work. We'll soon see what happens. BSAM
Yeah..the site has confused me more.....added transparency?? Well how when anyone can refresh on the L2??? And how when MMs can mask???!!
Supermontage will allow market makers to use the SIZE identifier(instead of their own identifier)to place bids and offers.That way you don't know which MM is bidding or offering.There can be more than one MM with orders under SIZE,and MM's can also place reserve orders under SIZE.Supersoes,SOES,and Selectnet will cease to exist once all stocks are phased into Supermontage.I was also told that with Supermontage(not using an ECN and if you're not a MM),you can only buy at the offer or higher and sell at the bid or lower.Putting in a buy lower than the offer or a sell higher than the bid will cause the order to reject.Good thing is that Supermontage will trade with MM's and ECN's,instead of just MM's like Supersoes.I'm not sure exactly how Supermontage will affect proactive ECN routing.Anyone know?